Is the Big Bank Bail-Out Fund For Real?

Just caught this. It looks like the the big bank super-fund (MLEC) my now have legs. However, the devil is in the details. From Market Watch:

After nearly two months of talks, Bank of America, Citigroup and J.P. Morgan Chase have agreed on how to structure a fund to help stabilize the credit markets, a person involved in the negotiations told The New York Times.

The fund, of at least $75 billion, will be structured more simply than earlier proposals had envisioned and could be up and running by the end of December, the Times reported.

In the next week or so, Bank of America, JPMorgan Chase & Co, and Citigroup
could begin asking financial institutions to contribute to the fund, the paper reported.

The fund's impact is unclear, however, because the debt markets have worsened, investors are shunning asset pools, and structured investment vehicles are trying to unload the securities they hold on the assumption that the new fund will not work, the Times reported.