Toxic Securities: Feds Tap Bank of New York Mellon


	Toxic Securities: Feds Tap Bank of New York Mellon

Andrew Gillies

10-15-2008 8:53 AM

640 views

Andrew Gillies says:

Washington Post story also notes that law firm Simpson Thacher & Bartlett won its bid to provide legal advice for the program.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9d9fe0c9-ddf1-4deb-9231-da95e6e61893/9E6989A5-BFA6-4266-9121-305DA81DE7C5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html" href="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html" style="font-size: 11px;">www.washingtonpost.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html"><H1>Treasury Hires Lead Contractor for Rescue</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html"><H2>Bank of New York Mellon to Manage Federal Purchase of Toxic Securities</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html"><P>
The <A target="" href="http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=BK&nav=el">Bank of New York</A> Mellon has been selected as the lead contractor in the government's efforts to buy up toxic securities that have spawned fear in the financial markets, a mammoth task considered a key to the Treasury Department's plan to restart the nation's credit markets.
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Under the contract announced yesterday, the bank will run the auctions used by the government to acquire the assets, including many linked to troubled mortgages. Bank of New York Mellon will then hold, track and value those securities.
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A firm with a conservative business reputation and historic ties to the U.S. government, the bank is the custodian for $23 trillion in investments and has a lot of experience in financial auctions. Those attributes make it well-suited to the complex task it faces in the rescue plan, financial analysts said.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.washingtonpost.com/wp-dyn/content/article/2008/10/14/AR2008101400738.html"><DIV id="byline">By <A title="Send an e-mail to Peter Whoriskey and Amit R. Paley" href="http://projects.washingtonpost.com/staff/email/peter+whoriskey+and+amit+r.+paley/">Peter Whoriskey and Amit R. Paley</A></DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/9E6989A5-BFA6-4266-9121-305DA81DE7C5/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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