by Calculated Risk on 12/06/2007 01:46:00 AM

From the WSJ: 'Super Fund' for SIVs, Hoped for $100 Billion, May Be Half the Size

The three banks assembling a "super fund" ... are scaling back its size due to a lack of interest ...

Originally envisioned as a $100 billion fund that would buy assets from the struggling investment vehicles, the fund may now wind up being about half that size... The banks, which have informally been seeking participation from other financial institutions, expect to start a formal syndication process within the next several days.

Two weeks ago it was "next week". Now it's the next several days. Shrinkage and schedule slippage are not a good signs for the Citi bailout Super SIV cleanup fund.