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Yesterday afternoon, I noted a short article in Pensions and Investments that the Department of the Treasury issued RFPs for money managers to handle the troubled assets acquired under its newly authorized $700-billion rescue plan for financial institutions. Interestingly, proposals are due for these RFPs no later than Wednesday at 5pm, and the Treasury will announce their initial selections next week. The announcement and the RFPs are posted on the Treasury’s website. The government appears to be serious about moving quickly on this front, so the speculation over who and how the assets are going to be managed will be clarified sooner, rather than later. It will be interesting to see who comes out on top, and how much hiring will be necessary to build asset management teams. According to the article, the new program, the Troubled Assets Relief Program, will be headed up by an old Paulson associate from Goldman (surprise), and will enjoy a newly created position: Assistant Secretary for Financial Stability. Now that the train has left the station, the real confusion will begin, as the ramifications of this government program unfold over the weeks and months to come.

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