Citigroup, Bank of America and JP Morgan Chase have finally agreed on the structure of the proposed--but vilified--bailout fund for structured investment vehicles. The ope is that the new fund may be operational by the end of the year. The new fund will buy some asset-backed securities from SIVs in a way that will likely prop up the market but not indefinitely. It is designed to facilitate an orderly wind down. There are still some hurdles. And a lot of skepticism. The main benefit will be if it sets some sort of market price for troubled securities. Ironically, the back up fund still needs to be rated by credit rating agencies.    

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