Friday, October 19, 2007


The big boys are putting togather an $80b mega fund, dubbed M-LEC, or Master Liquidity Enhancement Conduit, to prevent a melt down in asset backed commercial paper market by purchasing assets from troubled SIVs.

JPMorgan is quick to confess that it has no direct exposure in such SIVs. So it's into this only for the "greater good" (read: fees).