11/14/2008 05:12 am ET Updated May 25, 2011

Bank Of New York Will Oversee Bailout Fund

The Bank of New York was named the master custodian firm overseeing the Treasury Department's bailout fund, the agency announced Tuesday.

The master custodian bank will hold and track the distressed assets that the government will buy as well as run and report on the auctions used to buy the assets.

Government officials called it the "prime contractor of the purchase program."

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