The Super Fund SIV is to prevent the credit markets from choking on their own waste at the end of 2007. So now we have a $75 billion ton dead elephant under the rug that is stinking up the room, and the new plan is to find another room with a new rug to hide the rotten elephant under. I suggest people take all their funds out of Bank of America, Citigroup and JPMorgan Chase, or you deserved to lose it all along with their SIV repackaged dung plan.
NYTimes: Agreement Reached for SIV Super Fund Cleanup
Originally the Super Fund was going to buy only the best assets from the SIVs to provide liquidity - but I guess people realized that wouldn't help. Now, apparently, the Super Fund will buy anything:
Dollar Crisis: None dare call it 'conspiracy'
On Tuesday, the U.S. national debt topped $9 trillion for the first time in history, according to the U.S. Treasury Department's daily accounting of the national debt. Nine trillion dollars! The number is so staggeringly high that it exceeds our ability to comprehend it in monetary units.
Let's put all these "illions" into perspective. A million seconds is roughly 12 days, whereas a billion seconds is approximately 32 years.
We understand dollars. And we understand time. So it would take 12 days to pay back a million dollars at a dollar a second. But if you started right now, you'd pay back a BILLION dollars, at a dollar a second, in the year 2039.