The third quarter opens Wednesday with the long-awaited details on the government's Public-Private Investment Program set to finally emerge.
The Treasury Department is expected to unveil additional details on its Public-Private Investment Program, or PPIP, a measure that uses government and private financing to spur outside investors to buy bad loans and toxic securities from banks. Originally expected to be a $1 trillion program, the PPIP has been pared to about $50 billion.
CNBC confirmed that two of the nine expected participants will be Wilbur Ross' distressed real estate/debt fund and a joint venture between General Electric's (GE Quote) GE Capital and private investor Angelo Gordon. Other firms expected to be named include PIMCO and BlackRock (BLK Quote), according to the report. ...
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