Considering Pimco was an originator of the idea of PPIP and it was well documented the massive fees PPIP would generate, the news Pimco pulled out of PPIP is surprising.

The U.S. plan to help buy as much as $40 billion in assets from banks got started almost four months after it was proposed and without Pacific Investment Management Co., the world’s biggest bond manager and an early supporter.

The U.S. Treasury Department picked nine money managers yesterday for the Public-Private Investment Program, or PPIP, including BlackRock Inc. and Invesco Ltd. Pimco, which in March announced plans to apply, said it withdrew its application in June because of “uncertainties” about the plan’s design.

Now we see corporation BlackRock repeatedly involved in these various U.S. Treasury bail out programs, announced as one of the 9 companies to manage the PPIP toxic rigged game asset program.

Among those selected to serve as asset managers of the so-called Public-Private Investment Program were BlackRock (BLK, Fortune 500), AllianceBernstein (AB), Oaktree Capital Management, Invesco (IVZ), Angelo, Gordon & Co., Marathon Asset Management, RLJ Western Asset Management, The TCW Group and Wellington Management Company.

BlackRock bought out Barclays for $13.5B and has been managing AIG, Bear Sterns toxic assets as well.

Perhaps more spotlight on the Black Rock is needed?