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JP Morgan, Fed step up to bail out Bear Stearns As coffers 'deteriorate,' firm pleads for help.(Business)
- Article from:
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Rocky Mountain News (Denver, CO)
- Article date:
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March 15, 2008
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Copyright informationCOPYRIGHT 2008 Rocky Mountain News. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Associated Press
The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it would provide even more help to combat a serious credit crisis.
The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances."
The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work. Bernanke, delivering a speech later Friday, told a housing group he had had a "busy morning" but did ...
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