"Superconduit" Plan to Save SIVs Stories

Oct 13 07

SIV "Superconduit" Stories Today's Wall Street Journal Writes, "Big Banks Push $100 Billion Plan To Avert Crunch" discussing a 3-week old plan on how to support structured investment vehicles, or SIVs, by creating a "superconduit" backed by major banks. "The tentative name for the fund is Master-Liquidity Enhancement Conduit, or M-LEC," says the Journal. First to report on the news was Bloomberg, writing, "U.S. Treasury Talks With Banks on Commercial Paper", saying major banks, including Citi, JPMorgan, Bank of American and HSBC, met with the Treasury to discuss how to "jump-start the asset-backed commercial paper market". Also, Sunday's NY Times writes "Banks May Pool Billions to Stop Securities Sell-off". An announcement is expected Monday.

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