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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Paul Kern who wrote (98540)	10/8/2008 6:56:11 PM
From: Paul Kern	1 Recommendation Read Replies (3) \| Respond to of 110194

This is like giving the fox the keys to hen house and providing the knife, fork, grill, charcoal, sauce and bar-b-q tools. Fed Talks in With Pimco to Help Manage Commercial Paper Fund By Craig Torres Oct. 8 (Bloomberg) -- The New York Federal Reserve Bank said it is in discussions with Pacific Investment Management Co. to help manage the unit the central bank is setting up to buy commercial paper. The New York Fed said in a posting on its Web site that it's talking with Pimco, which manages the world's largest bond fund, regarding asset-management services for the unit. The Federal Reserve Board announced yesterday that it would start a special fund to buy top-rated commercial paper as a backstop for the $1.6 trillion market. Commercial paper is used by dozens of corporations to finance day-to-day expenses such as payrolls and payment to suppliers. Newport Beach, California-based Pimco is a unit of Munich- based Allianz SE. To contact the reporters on this story: Craig Torres in Washington at ctorres3@bloomberg.net Last Updated: October 8, 2008 17:48 EDT