Friday, December 21, 2007

Super SIV is Dead

by Bill McBride on 12/21/2007 03:20:00 PM

From the WSJ: Banks to Abandon Super-SIV Plan

Lack of interest has led the banks to drop the plan -- known as the Master-Enhanced Liquidity Conduit, or M-LEC. ...

The banks ... are likely to issue a statement by Monday saying they no longer intend to go forward with the fund, according to the people familiar with the matter.
This just makes official (well, on Monday) what was obvious from the beginning.