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Bank of New York wins U.S. financial rescue contract
WASHINGTON (Reuters) - Bank of New York Mellon will supervise many key aspects of the U.S. Treasury's emergency plan to aid troubled financial companies, the Treasury said on Tuesday.
The bank won a contract to act as the "custodian" for many aspects of the Troubled Asset Relief Program that will buy sour assets from banks and give many of those same companies a capital injection.
Bank of New York Mellon will provide "custodial, accounting, auction management and other infrastructure services" to the program and will oversee the money managers who will buy assets from other financial companies.
Treasury said it would not disclose the fees that will be paid Bank of New York until the other asset-management contracts had been awarded.
(Reporting by Patrick Rucker, Editing by Tom Hals)
