BlackRock, Pimco Bid to Manage Rescue Plan
BlackRock and Pimco submitted bids to manage troubled mortgage-backed securities in the Treasury's $700 billion financial-rescue plan, according to a report.
BlackRock
(BLK) - Get Report
and
Pimco
submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the
Treasury's
$700 billion financial-rescue plan,
Bloomberg
reports, citing people familiar with the matter.
Pimco is a subsidiary of German insurer
Allianz
(AZ)
.
State Street
(STT) - Get Report
and
Bank of New York Mellon
(BK) - Get Report
bid to handle record-keeping and custody services for the Treasury,
Bloomberg
reports. The deadline for proposals was Wednesday.
Last week, the House of Representatives passed the Treasury proposal for the bailout program for the financial system. President Bush signed the legislation on Friday.
This article was written by a staff member of TheStreet.com.