Mellon tapped to manage bailout money.

[dixiegrrrrl]

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=home


two 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.

[Myrina]

1. Question 3: How many Cabinet members are on the Mellon board

... or are shareholders? :shrug:


Dimson and pals know there's just a tic more moolah left to be made of the brow of 'Murkans before (and even after) they're out of office.

[dixiegrrrrl]

2. You got me curious. Here is what I found.

At good ole Muckety.com, a wonderful linkage tool.

The Chair, President and CEO ( Yes, all 3 offices held by one man) is Frank V. Cahout.
He also happens to be CEO of.....Fannie Mae.
And a director of Heinz Endowment. Yes, Teresa Kerry of Heinz.

[pam4water]

3. Every day this bail out smells worce.