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Citi Puts Lipstick on Asset-Backed Pig

Stock quotes in this article: C , JPM , BAC  

Updated from 1:38 p.m. EDT

The big banks might like to bundle all their crummy debt and shoot the whole package into outer space. But fixing this mess won't be quite that simple, and the markets finally agree.

Three institutions rolled out a plan Monday to ease a credit crunch afflicting the market for asset-backed commercial paper. Citigroup (C Quote), JPMorgan Chase (JPM Quote) and Bank of America (BAC Quote) are creating an investment fund in a bid to lure money market funds back into the commercial paper market. ...

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