Bank of New York Named TARP Custodian

The Treasury Department on Tuesday chose Bank of New York Mellon (BK Quote - Cramer on BK - Stock Picks) as custodian of the $700 billion government rescue plan recently enacted by Congress.

Bank of New York Mellon immediately began the work of providing custodial, accounting, auction management and other infrastructure services needed to run the portfolio of complex assets the government intends to purchase under the troubled asset relief program, or TARP.

The New York-based bank beat out 70 competitors, 10 of which met the government's eligibility requirements and minimum qualifications, for the three-year contract.

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