Bailout fund questions emerge

Citigroup, Bank of America and JP Morgan met at Citigroup's headquarters to continue hashing out the big bailout fund for structured investment vehicles. But the New York Times reports that there are many questions that the banks must answer before the larger financial world will buy in. A detailed proposal is expected in about two weeks. One issue is what exactly the fund will be able to buy. I was under the impression that it would buy mainly asset-backed commercial paper. It appears the list of possible investments may be larger and might include CDOs. It's also unclear how much each bank will put in. I wonder who will make the buying decisions. Citigroup obviously has the most on the line. But will it be able to influence which of its SIVs will be bailed out?

For more:
- here's the New York Times article

Related article:
- Big banks banding together to save SIVs