- Bailed-Out Banks Preparing Pay Bonanza: Study
- Oracle-Sun Micro Deal May Be Rejected by EU: Report
- Berkshire's 15 Biggest Stock Holdings
- Cramer: The 8 Stocks That Control the Market
- Buffett: Berkshire Business Doing 'Just a Tick Better'
- Berkshire for $65.30 a Share? 50-1 Stock Split Planned
- Baidu's Challenge: Expand Beyond Its Success in China
- GM Monthly Sales Increase; Ford Sales Edge Lower
- GM Board Changes Its Mind, Decides to Keep Opel
- Final World Series Games Big Money Makers
- Best Buy To Embed Digital Download Platform on Devices
- Options Trader Targets Precious Metal Surge
- October Shows Auto Rebound Will Be Slow
- The Silencing of Paul Volcker?
- CNBC Transcript: Warren Buffett Explains His Railroad 'All-In Bet' on America
- CIT's Retail Impact?
- M&A: Signs of Strength?
- Crescenzi: Fed Exit Best As Process, Not Event
- Puerto Rico to delay nearly half of 15,000 layoffs
- Stec Inc. 3Q earnings up more than 20-fold
- Top-selling vehicles in the US in October
- Big 5 Sporting Goods 3Q profit rises 80 percent
- Pitney Bowes 3Q profit up 5 pct as costs decline
- Jury awards $20 million in Texas hotel tax dispute
- HealthSouth raises outlook after 3Q profit jumps
- Honda begins mass producing new vehicle in Ohio
- NTELOS lifts quarterly dividend to 28 cents
Text Size 
WASHINGTON - Two more large investment companies have together raised enough money to join with the government in buying toxic assets held by banks so they can resume more normal lending to support an economic recovery.
The Treasury Department said Tuesday that New York-based Angelo, Gordon & Co. LP and Norwalk, Conn.-based GE Capital Real Estate together raised more than the $500 million minimum needed to close investment funds.
The partnership joins four other firms, and the six have raised a total of $3.58 billion in private sector capital. Treasury will match that money and provide additional investment capital. The total purchasing power to buy up bad bank assets stands at $14.34 billion.
The five firms already approved to participate are: Alliance Bernstein LP and BlackRock Inc., both headquartered in New York, Boston-based Wellington Management Co., Atlanta-based Invesco Ltd. and Los Angeles-based The TCW Group Inc.
The effort, known as the Public-Private Investment Program, or PPIP, has been plagued by delays and some analysts wonder how much effect it will have. Others question if it puts government money at risk while benefiting wealthy private equity firms.
Treasury initially announced the program would buy as much as $1 trillion worth of bank assets. The program was scaled back several times as the financial sector stabilized and banks became reluctant to sell the assets at fire-sale prices.
But Treasury remains optimistic about the program and said announcements about the remaining three firms being approved to participate are expected soon.
Print
Email
- These four sectors will be the next to lead the market.
- These executives got the largest pay packages of the last 10 years.
- People who are scared of flying can now press a button on their iPhone to help them deal with their panic.
- A Harvard professor’s unusual confectionary is blowing away chocolatiers in Paris.
- CNBC’s Darren Rovell corrects his assertion on NYC Marathon men's winner Meb Keflezighi’s nationality.
- How much would you pay for a motorized La-Z-Boy? An eBay auction for a police-confiscated 'DWI' chair is fetching high dollars.
Data is a real-time snapshot *Data is delayed at least 15 minutes