Wilbur Ross Details Plan to Buy Toxic Assets

Vulture investor Wilbur Ross on Monday made public a partnership with money management company Invesco (IVZ Quote) to invest in troubled assets alongside the government through a new program.

The Treasury Department's Public Private Investment Plan (PPIP), unveiled in March, will allow large banks like Bank of America (BAC Quote), Citigroup (C Quote) and Wells Fargo (WFC Quote) to sell billions in distressed assets clogging their balance sheets.

It is unclear which institutions will sell into the program, but some, including Goldman Sachs (GS Quote), have said they may want to participate as buyers. ...