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Thursday, November 22, 2007

SIV Superfund Seeking Support

by Calculated Risk on 11/22/2007 11:21:00 PM

From the WSJ: SIV-Plan Founders to Seek More Support for Superfund

[Bank of America Corp., Citigroup Inc. and J.P. Morgan Chase & Co] ... are expected next week to start soliciting their industry brethren to pitch in with the effort ...

... BlackRock Inc. is expected next week to be named the manager for the $75 billion to $100 billion fund ...

The participation of other banks will play a significant role in the fund's success. ... some banks have expressed informal interest ...
The purpose of the Superfund is to buy time for a "more orderly demise" of many of these SIVs. To buy time, other institutions will have to get involved, so this will be interesting to follow.