On Wednesday, the government tapped nine financial firms to run toxic asset programs. The firms were selected from a pool of over 100 applicants. They will have 12 weeks to raise $500 million each. The investments will be matched by the Treasury Department and further supplemented from debt financing. The financial firms chosen to take part in this scaled down program aimed at helping banks include:

BlackRock (BLK, Fortune 500)
AllianceBernstein (AB)
Oaktree Capital Management
Invesco (IVZ)
Angelo, Gordon & Co.
Marathon Asset Management
RLJ Western Asset Management
The TCW Group
Wellington Management Company

CNNMoney’s David Ellis says:
Under the program, the government will run auctions between the banks selling assets …read more

Tomorrow Citigroup holds its annual meeting, and with it a vote on the Audit & Risk Management Committee. The American Federation of State, County and Municipal Employees (AFSCME) Pension Plan is pushing for a no vote on the currently serving members of the committee, and they’re not alone. Financial analysis company, RiskMetrics, also recommends that shareholders vote no on re-electing many of the committee members.
Citigroup has accepted the lion’s share of the U.S. government bank bailout funds to date. High risk ‘toxic’ assets caused them to suffer extreme losses on the balance sheets and, ultimately, in shareholder value. Critics of the current …read more

Today, the Obama administration revealed the details behind its highly anticipated plan to assist banks with bad assets.
In a MarketWatch article, Bud Haslett of Miller Tabak Capital Management said markets were “looking for anything that was more definitive from Treasury than what we had.”
Perhaps Mr. Haslett was alluding to the lack of detail provided in the speech given by Treasury Secretary Tim Geithner back on February 10. The Dow lost 380 points that day and settled below 8,000 points.
Today was a totally different story. I guess he was right, it’s all in the details.
The details sent all three major indexes about 7 percent higher. The …read more

In an attempt to get the banking industry to start loaning money to businesses and individuals at a healthy rate, the White House reportedly wants to purchase the toxic assets that are haunting banks across the United States. It’s estimated that there is nearly $1 trillion in toxic assets within the nation’s banking industry.
Most economic experts believe that the road to recovery for the U.S. will begin when banks regain the confidence and the ability to start loaning money. Without a fluid financial world, both businesses and consumers will find it next to impossible to return to the prosperity of …read more