Three More Large Investment Firms Qualifies to Purchase Toxic Assets From Banks

Alliance Bernstein, Black Rock and  Wellington Management have raised the $500M to participate in the joint partnership with the government to purchase toxic assets from banks according to Treasury Department. The goal of the program is to get rid banks of bad loans to help the banks to resume normal lending. In July, Treasury informed that nine firms had qualified to participate in the PPIP program and they were given time to raise at least $500M.  Now, with the three new additions, the total purchasing power to obtain banks' soured assets has increased to $12.27B