[lbo-talk] Circling the wagons...

[joanna]

Several of the world’s biggest banks are in talks to put up about $75 
billion in a backup fund that could be used to buy risky mortgage 
securities and other assets, a move designed to ease pressure on a 
crucial part of the credit markets that threatens the broader economy.

Citigroup 
<http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org>, 
Bank of America 
<http://topics.nytimes.com/top/news/business/companies/bank_of_america_corporation/index.html?inline=nyt-org> 
and JPMorgan Chase 
<http://topics.nytimes.com/top/news/business/companies/morgan_j_p_chase_and_company/index.html?inline=nyt-org>, 
along with several other financial institutions, have been meeting to 
come up with a plan to create a fund that could prevent a sharp sell-off 
in securities owned by bank-affiliated investment vehicles. The 
meetings, which began three weeks ago, have been orchestrated by senior 
officials at the Treasury Department, and the discussions have 
intensified in the last few days.

[snip]

http://www.nytimes.com/2007/10/14/business/14bank.html?hp