Pennies on the Dollar?

from Pravda: "Agreement upon multi-billion-dollar fund to buy distressed debt securities achieved":

Bankers from Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. decided upon the structure of a multi-billion-dollar fund to buy distressed debt securities.

The bankers met Friday to hammer out the details of how the fund will work, said the person, who asked not to be named because the details have not been publicly disclosed. Those details include how much specific participating banks will contribute.

Before the plan takes effect, it must be approved by the banks' senior corporate officers, tax attorneys and ratings agencies. Meanwhile, some investors and industry watchers say the fund will only help the banks involved."

When economies collapse, those with the money left have choice pickings.

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