Saturday, December 22, 2007

Super SIV

Citigroup, Bank of America and JP Morgan Chase abandoned plans to create a "super SIV" fund that would bail out investments hurt by the subprime mortgage crisis. The move comes after the banks struggled to raise money for the fund.

The banks had been trying since September to set up a fund that would buy securities tied to mortgages and other assets that were controlled by banks in off-balance-sheet funds.

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