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Strategies & Market Trends : YellowLegalPad
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From: John McCarthy10/14/2007 8:13:36 PM
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The Treasury Department encouraged the banks to work together, and it jump-started the talks with a meeting of Wall Street executives in Washington on Sept. 16, said a person with knowledge of the deliberations. Robert Steel, the Treasury's top domestic finance official and a former vice chairman of Goldman Sachs Group Inc., brought the lenders together and prodded the competitors to keep working through the following weeks.

The fund would help SIVs, which own $320 billion of assets, avoid selling their holdings at fire-sale prices, further roiling the credit markets. The sudden increase in borrowing costs for companies and consumers in August threatens to worsen a housing recession that's slowed the pace of economic growth.

bloomberg.com
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