Asset Management of the Troubled Assets Relief Program
Once the US Treasury buys $700bn of toxic assets using taxpayers’ money it’s going to need someone to manage it – enter Wall Street!
The companies at the center of the storm, Goldman, BlackRock, Pimco and others are all contenders to make big bucks out of the misery of the average American.
The treasury will need to pay these firms fees to manage the assets.
BlackRock is already managing $29bn of Bear Sterns’ illiquid mortgage assets for the Federal Reserve. We can expect a new bunch of private equity partnerships to be formed specifically to manage and dispose of these assets – it’s going to be a very lucrative business.
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