Bank of America, Citigroup and JPMorgan Chase have agreed on the rules for their $75 billion fund to stabilize their various structured investment vehicles (SIV).

What this comes down to is an attempt to stick it to a less savvy investor. These SIVs have no marketplace, and cannot be sold at anything near face value, they are essentially illiquid unless you are willing to take something like a dime on the dollar.

What this fund will do, at least until it runs out, is to function as a faux buyer, so as to create a faux market price, which will allow the banks to dump these off on the stupid.

We need to reinstate the Depression era banking regulations, big time.