Banks launch 'super-SIV' to rescue ailing funds

A number of financial institutions led by Bank of America, Citigroup and JPMorgan have proposed a bailout fund to alleviate the short-term financing needs of structured investment vehicles (SIVs).

Since the middle of July, US subprime contagion has depressed the value of asset-backed securities that SIVs hold. Moody's estimates that SIVs had about $320 billion in assets outstanding at the end of September representing a drop of $75 billion since August through redemptions that were not replaced a

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