While many thought the "Super SIV" fund might be an unrealizable goal, the Wall Street Journal indicated on Saturday that as much of $60 billion of the hoped for $100 billion [subscription required] may actually be promised. Citigroup (NYSE: C) is leading the charge,with help from Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE: JPM). These three banks will fund as much as half of the fund. Citigroup has the most at stake because it owns about $100 billion of the $400 billion in SIVs globally.

The Journal reports that the group has gotten about a half dozen takers promising between $2 and $7 billion. They're hoping to get up to five major Wall Street firms to kick in about $2.5 billion a piece. Lehman Brothers Holdings Group (NYSE: LEH) and Merrill Lynch & Co. (NYSE: MER) supposedly have committed to be involved, but neither firm has committed to a specific amount,according to the Journal.

Wachovia (NYSE: WB) has promised to step up and its commitment is expected to be between $2 billion and $7.5 billion. Wachovia said it does have some SIVs on the books, but it is not a major holder of SIVs. HSBC, which is a major holder of SIVs, is targeted as a major contributor with a contribution between $5 billion to $15 billion. Dresdner informally committed to $3 billion. HSBC and Dresdner combined are thought to hold $64 billion in SIV-related debt. Other non-U.S. banks will be approached for funds, including the Bank of Montreal, Barclays PLC, Royal Bank of Scotland Group PLC and Standard Chartered PLC.

If they are successful in putting together even a $60 billion fund, it will be the largest credit line in the history of the world. Prior to this Super SIV, the record was held by three European companies who put together a $48.6 billion credit line for the acquisition of E.On AG, according to Reuters Loan Pricing Group, the Journal reports. Bank of America has the lead for rounding up participants, with the help of JP Morgan Chase.

Citicorp and other SIV holders close to getting their bailout wish originally appeared on BloggingStocks on Sun, 21 Oct 2007 15:10:00 EST. Please see our terms for use of feeds.