Fed Races to Rescue Bear Stearns In Bid to Steady Financial System
Storied Firm Sees Stock Plunge 47%; J.P. Morgan Steps In
Bear Stearns Cos., an 85-year-old institution that has survived the Depression and World War II, sought and received emergency funding backed by the federal government. In an extraordinary move, the Federal Reserve and J.P. Morgan Chase & Co. stepped in to keep Bear afloat following a severe cash crunch. The maneuver signaled that the Fed was trying to move aggressively to prevent Bear's crisis from spreading to the broader economy. But it seemed to do ... Full Story »
Posted by Beth Wellington
