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US adds names to toxic scheme
US AUTHORITIES have approved a further three giant investment firms to participate in its programme of buying up toxic assets from troubled banks.
BlackRock, AllianceBernstein and Wellington Management Company have been invited to join the Treasury Department programme.
Together the trio will invest $1.94bn (£1.2bn) in the real-estate related troubled assets, taking the purchasing programme’s total capacity to a giant $12.27bn.
Invesco and TCW were the first to join the programme last week.