U.S. Banks Ready to Move Forward on SIV `Superfund,' WSJ Says

Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., which have been putting together a plan to revive credit markets, are likely to start asking other banks to sign up to specific financial terms next week, the Wall Street Journal reported, citing people familiar with the matter.

The plan is to create a so-called superfund amounting to $75 billion to $100 billion as a potential buyer of assets from structured investment vehicles, off-balance-sheet entities that have got into difficulties because of lack of liquidity in credit markets; so far, other banks have expressed informal interest, the newspaper said.

BlackRock Inc. is likely to be named as the fund's manager and it will help to set prices for assets, though it probably won't invest in the fund, the Journal added.
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