The big bailout gravy train

The big bailout will likely mean big bucks to a few lucky asset managers, all of whom are jockeying for their piece of the pie. The $700 billion bailout is looking more and more like a gravy train. Institutions of all stripes want to offload their assets. Which has the likes of Pimco, BlackRock, Morgan Stanley, JPMorgan Chase, Bank of New York Mellon and others at least intrigued. The New York Times says that $1 billion in fees are at stake. There may well be multiple managers for multiple asset classes. All in all, there are lots of details that must still be worked out. But clearly there is an opportunity here. Some have already discerned some lobbying going on. For example, the industry wants more than just mortgage eligible for bailout funds.

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