Banks May Pool Billions to Avert Securities Sell-Off

[bluud]

Several of the world’s biggest banks are in talks to put up about $75 billion in a backup fund that could be used to buy risky mortgage securities and other assets, a move designed to ease pressure on a crucial part of the credit markets that threatens the broader economy.

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http://www.nytimes.com/2007/10/14/business/14bank.html

 

[S2007S]

I read it was closer to $80 billion, but I don't think that matters, seems there isn't any risk when you have 3 major banks pooling together billions of dollars to prevent one of the worst financial collapse in history. This should help the market to new fresh highs tomorrow.