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Money management firm Blackrock has been approached by the three largest U.S. banks to run a $75 billion superfund to create a market for hard-to-trade securities imperiled by the subprime credit crisis, according to a report.
Bank of America, Citigroup, and JPMorganChase have made Blackrock the leading candidate for the job, Reuters reported citing a source familiar with the matter who was not authorized to speak publicly about the deal.
The new fund has received the blessing of U.S. treasury secretary Henry Paulson, a former Goldman Sachs CEO, who helped bring the private firms together to facilitate the creation of the fund, known as M-LEC, or master liquidity enhancement conduit.
The fund will allow financial instruments known as structured investment vehicles (SIVs) to sell assets worth more than $250 billion in an orderly fashion.
M-LEC is seen by critics as an attempt to bail out big banks which made bad bets on asset-backed securities linked to mortgage loans to borrowers with poor credit.
The HTC Droid Eris will be available alongside the Motorola Droid this Friday, N...
The New York City will give 500 tickets for the ceremony on Thursday from 2:00 p.m. to 4:00 p.m. EST.
Online distributor for point of sale equipment, TYSSO and Pegasus.
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