2007-11-12cnn.com

"JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. have agreed on a simpler structure for a $75 billion fund to steady credit markets, The New York Times reported Sunday, citing a person close to the talks. Under the agreement, pools of assets or structured investment vehicles won't need the approval of at least 75 percent of their investors to participate, the newspaper said in a report published on its Web site. The fund also will assign the same risk level to all securities in the SIVs." -- A pretty sparse news release. We are suspicious (never mind the fact that all this fund will do is draw out the pain).



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