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Published on Friday, October 03, 2008
By LA Daily News Staff Writer
WASHINGTON - It will be one of the world's largest asset management firms with an impressive $700 billion war chest. Nothing less than the global economy depends on its success. And the Treasury Department has barely a month to get it up and running.
The bailout bill that President Bush quickly signed into law Friday must do what financial experts have been unable to do for the past year - put a dollar value on mortgage-related assets that no one wants, move them off the books of ailing banks and unlock the frozen credit markets.
In signing the measure, Bush warned Americans not to expect instant results. "This will be done as expeditiously as possible, but it cannot be accomplished overnight. We'll take the time necessary to design an effective program that achieves its objectives - and does not waste taxpayer dollars
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