More than nine months after we were first introduced to something called the Troubled Asset Relief Program, the Treasury Department seems like it's actually getting close to launching a program aimed at toxic assets. According to Bloomberg News, the Treasury has selected "eight to 10" asset managers (it originally said it would select only five) to take part in the Public-Private Investment Program, and the choices should be formally announced this week. The funds raised by the managers to purchase toxic securities from banks will be matched with Treasury money. The managers will also be eligible to receive financing from the government to further boost the purchases.

Treasury has set aside $100 billion for the program, but it has been very slow in getting off the ground, and parts of it have been indefinitely delayed. For instance, a plan to purchase loans from banks has been shelved; the part going forward will purchase only toxic assets like mortgage-backed securities. Bloomberg says the program will start with about $20 billion in equity ($10 billion of which will be taxpayer dollars).

Other links this morning:
Treasury Works on 'Plan C' To Fend Off Lingering Threats (WaPo)
U.S. Regulators Prep to Defang New Consumer Agency (AP)
U.S. House Panel Seeks Plans for Future of TARP (AP)

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