Treasury Secretary Henry Paulson, former CEO of Goldman Sachs Group Inc., sparked a series of phone calls and meetings with banks to find a short-term solution.
Citi, J.P. Morgan Chase & Co. and Bank of America Corp. announced a plan on Oct. 15 to establish a superfund, called the Master Liquidity Enhancement Conduit, to bolster the commercial paper market.
The objective of the fund is to facilitate the refinancing of asset-backed commercial paper and "complement other market-based solutions in supporting an orderly and efficient market environment," the banks said.
