M-LEC already irrelevant?

The New York Times all but calls the M-LEC irrelevant, noting that the fund may not raise as much as was originally planned amid calls that it is simply not necessary. The goal originally by Citigroup, which proposed the idea, was to raise $80 billion. But it looks like $60 billion is more realistic. A lot of SIVs are being wound down by banks so the need seems to be declining every day. Citigroup has been especially active in this area. In Europe, a separate effort is being mounted, led by HSBC. But the psychological benefits may have been overlooked. Indeed, not too long ago, people were talking about a meltdown that would have had dire effects. We'll see how actively the M-LEC will acquire securities.

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

Related article:
- Ready for the M-LEC?