7 October 2008 - The “Emergency Economic Stabilization Act of 2008” (the “Act”) that was enacted last week creates a program known as the “Troubled Asset Relief Program” or “TARP,” which allows “financial institutions” to sell certain “troubled assets” to the US Treasury. On October 6, 2008, Treasury issued a notice that briefly describes the process it will follow to select “asset managers” for different types of troubled assets covered by the Act. Treasury also issued three solicitations for “asset management” and “custodian” services.

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