On Wednesday, the government tapped nine financial firms to run toxic asset programs. The firms were selected from a pool of over 100 applicants. They will have 12 weeks to raise $500 million each. The investments will be matched by the Treasury Department and further supplemented from debt financing. The financial firms chosen to take part in this scaled down program aimed at helping banks include:

BlackRock (BLK, Fortune 500)
AllianceBernstein (AB)
Oaktree Capital Management
Invesco (IVZ)
Angelo, Gordon & Co.
Marathon Asset Management
RLJ Western Asset Management
The TCW Group
Wellington Management Company

CNNMoney’s David Ellis says:
Under the program, the government will run auctions between the banks selling assets …read more

In an attempt to get the banking industry to start loaning money to businesses and individuals at a healthy rate, the White House reportedly wants to purchase the toxic assets that are haunting banks across the United States. It’s estimated that there is nearly $1 trillion in toxic assets within the nation’s banking industry.
Most economic experts believe that the road to recovery for the U.S. will begin when banks regain the confidence and the ability to start loaning money. Without a fluid financial world, both businesses and consumers will find it next to impossible to return to the prosperity of …read more