Treasury Unveils PPIP Choices

The Treasury Department has just announced the identity of the anointed few that may preside over the Legacy Securities Public-Private Investment Program ("PPIP"). The winners are:

• BlackRock
• Invesco
• AllianceBernstein
• Marathon Asset Management
• Oaktree Capital Management
• RLJ Western Asset Management
• TCW Group
• Wellington Management Co.
• Angelo, Gordon & Co. / GE Capital Real Estate

A handful of other "established small-,veteran-,minority-, and women-owned business partnerships" were chosen to participate in the program in a role ancillary to that of the large firms listed above (Congress just could not resist forcing this issue, could they?).

We definitely weren't surprised to see GE Capital make the cut; the Company has world renowned lobbying capabilities. Altogether though, today's announcement felt a bit anticlimactic (irrelevant even?) now that the Government has bastardized it's reputation with the private sector beyond recognition. PPIP will go on, and some will participate; however, history will likely view it as one in a long line of failed attempts to cleanse the balance sheets of US financial institutions.

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