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Wednesday November 4, 07:21 AM
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U.S. Treasury to say 2 more firms to buy toxic assets
WASHINGTON (Reuters) - The U.S. Treasury Department on Tuesday announced two more funds have met requirements to get government financing that that will let them begin purchases of banks' so-called toxic assets.
Treasury said that Angelo, Gordon & Co., L.P., and GE Capital Real Estate have raised enough capital to participate in the Public-Private Investment Program.
The six funds approved so far in the program have raised private sector capital of $3.58 billion, which has been matched 100 percent by Treasury, for total equity of $7.17 billion, the Treasury said. In addition, they have received Treasury debt financing of $7.17 billion for total purchasing power of $14.34 billion.
Small, minority, and women-owned businesses that are partnering with Angelo, Gordon and GE Capital include CastleOak Securities L.P. and Park Madison Partners LLC, Treasury said.
(Reporting by Nancy Waitz; Editing by Andrew Hay)
