Friday, December 07, 2007

Super Shitpile Super Small?

This has to be a typo.

Dec. 7 (Bloomberg) -- Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. established the ``SuperSiv'' fund, designed to bail out short-term debt markets, and named BlackRock Inc. as the manager, two people with knowledge of the plan said.

The banks also began marketing the fund to smaller institutions, aiming to raise $75 million to $100 million, including their own undisclosed contributions, said the people, who asked not to be named because details of the SuperSiv haven't been made public. The banks, the three largest in the U.S., are set to meet with potential contributors on Dec. 10.

Originally Super Shitpile was supposed to be a $100 billion fund, though later reports suggested it would be $50 billion. $75-100 million is chump change. The story has to be wrong. If not, it's hilarious.