BlackRock, Pimco Bid to Manage Rescue Plan

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.