By John Brinsley
Oct. 14 (Bloomberg) -- Bank of New York Mellon Corp., the world's largest custodian of assets, was named caretaker of the U.S. Treasury's $700 billion financial rescue plan.
The bank will help Treasury ``with custodial, accounting, auction management and other infrastructure services needed to administer the complex portfolio of troubled assets the department will purchase,'' Treasury said in a statement today in Washington.
The company will begin work immediately on overseeing the Troubled Asset Relief Program
on a three-year contract, the Treasury said. http://www.bloomberg.com/apps/news?pid=20601087&sid=adcLGfOSv6ps&refer=hometwo things:
1. A 3 year contract????
I thought this was so urgent...we had to act NOW or the sky would fall.
2. How much does Mellon make off this contract?
I e-mailed the reporter, John Brinkley, and asked him. Hopefully he will reply.
Bet he would love to get more e-mails asking him.
his addy is bottom of article at link.