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Article: Teetering Bear Stearns gets bailout from Federal Reserve, JPMorgan Chase
- Article from:
- AP Worldstream
- Article date:
- March 14, 2008
- Author:
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Bear Stearns Cos., one of the most venerable names on Wall Street, turned to a rival bank and the federal government for a last-minute bailout Friday to prevent it from collapsing.
The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had "significantly deteriorated" within a 24-hour period as rumors about the bank's situation fueled the Wall Street version of a run on the bank. Central bankers tapped a rarely used Depression-era provision to provide loans, and said they were ready to provide extra resources to combat an erosion of confidence in America's biggest financial institutions.
Nearly half the value of Bear Stearns, or about ...