More Than Five

The Treasury Department just sent out this note:

The Treasury Department today announced the receipt of more than 100 unique applications from potential fund managers interested in participating in the Legacy Securities portion of the Public Private Investment Program (PPIP).

These fund managers are the private in the "public-private investment program" to buy up toxic assets. And Treasury has said it wants to partner with just 5 managers. 100 is greater than 5. So it looks like there are some investors willing to participate.

Now will the banks be willing to sell?

From today's NYT:

Officials from Citigroup, Morgan Stanley, PNC Financial and a number of other big lenders that have received multibillion-dollar government bailouts are reluctant to participate or have refused so far to commit until more details are offered. Jamie Dimon, JPMorgan Chase's chief executive, has said he believes that the Public-Private Investment Program — which depends on loans from the Federal Deposit Insurance Corporation — could be "good for the system" but that his bank has no intention of being either a seller or buyer. "We're certainly not going to borrow from the federal government, because we've learned our lesson about that," he said earlier this month in a conference about earnings.

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