BlackRock intends to participate as an investment manager in the Treasury's plan to rid banks of toxic assets, Reuters reports.

"It is definitely our intention to get involved as one of the investment managers in this program," Reuters quotes BlackRock managing director Curtis Arledge as saying.

The Treasury will hire up to five investment managers to run the program.

The plan seeks to draw private investors to funds that would also receive government money and financing to purchase up to $1 trillion in distressed loans and other assets from banks. 

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