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JPMorgan buying Bear Stearns, Fed cuts discount rate
Summary from United States, from articles in English
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In announcing the surprise move , Ben Bernanke, chairman of the US central bank, said the Fed and Treasury were "working to promote liquid, well-functioning financial markets, which are essential for economic growth". (article 3)
The central bank approved a cut in its emergency lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately, and created a lending facility for big investment banks to secure short-term loans. (article 2)
That move came just days after the Fed announced a $200 billion lending program for investment banks and a $100 billion credit line for banks and thrifts. (article 6)
Stock in the USA's fifth-largest investment bank plunged $27 Friday to close at $30 - a 47% drop that erased more than $3 billion in market value. (article 37)
The difference is that Bear Stearns is not a commercial bank, and is therefore not eligible for the protections those banks received 75 years ago when Franklin D. Roosevelt halted bank runs with government guarantees. (article 27)
The credit crisis on Friday engulfed one of Wall Street's most important investment banks as the Federal Reserve and JPMorgan Chase combined to provide emergency finance for 85-year-old Bear Stearns and prevent further upheaval in global markets. (article 28)
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Other summaries about this story:
Other stories about Bear, Stearns and Fed:
Event tracking:
Story keywords
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Bear, Stearns, Fed, banks, Financial |
Source articles
- JPMorgan will buy struggling Bear Stearns (dallasnews.com, 03/16/2008, 1094 words)
- Fed Takes New Steps to Ease Crisis (L.A. Times, 03/16/2008, 830 words)
- Fed cuts bank rate to boost confidence (ft.com, 03/17/2008, 375 words)
- The Seattle Times: More Rate Cuts From Fed Expected Tuesday (seattletimes.nwsource.com, 03/16/2008, 1012 words)
- Federal Reserve chief shifts approach (boston.com, 03/16/2008, 695 words)
- Fed Chief Shifts Path, Inventing Policy in Crisis (nytimes.com, 03/16/2008, 748 words)
- President Acknowledges Strains on the Economy (nytimes.com, 03/15/2008, 667 words)
- Fed gives emergency aid to Bear Stearns - (baltimoresun.com, 03/16/2008, 802 words)
- Business and Money (NY Post, 03/16/2008, 167 words)
- Bear scare on Wall Street (money.cnn.com, 03/14/2008, 1102 words)
- Fed Acts to Rescue Financial Markets (nytimes.com, 03/17/2008, 1170 words)
- By Sue Kirchhoff and Greg Farrell... (USA Today, 03/16/2008, 525 words)
- Fed moves to minimise systemic risk (ft.com, 03/14/2008, 572 words)
- Experts: Bear Stearns aid could portend more bailouts (USA Today, 03/16/2008, 688 words)
- Fed Takes Broad Action to Avert Financial Crisis (Washington Post, 03/16/2008, 687 words)
- Price of $2 a Share Reflects the Depth of Firm’s Problems (nytimes.com, 03/17/2008, 708 words)
- JP Morgan Pays $2 a Share for Bear Stearns (nytimes.com, 03/17/2008, 723 words)
- JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount (nytimes.com, 03/16/2008, 1143 words)
- JPMorgan to Buy Bear for $2 a Share (L.A. Times, 03/16/2008, 1061 words)
- JPMorgan gets Bear Stearns for a bargain-basement $236M (USA Today, 03/16/2008, 522 words)
- Bear Stearns gets emergency loan from Fed (L.A. Times, 03/15/2008, 615 words)
- Fears That Bear Stearns’s Downfall May Spread (nytimes.com, 03/17/2008, 759 words)
- Timeline: Bear Stearns’ year of turmoil (ft.com, 03/14/2008, 562 words)
- Full statements: Bear Stearns intervention (ft.com, 03/14/2008, 380 words)
- ABC News: Fed Takes Rare Path to Aid Bear Stearns (ABCNews, 03/14/2008, 368 words)
- ABC News: Fed, JPMorgan Chase Bail Out Bear Sterns (ABCNews, 03/14/2008, 370 words)
- F.D.R.’s Safety Net Gets a Big Stretch (nytimes.com, 03/15/2008, 1108 words)
- Fed leads Bear Stearns rescue (ft.com, 03/14/2008, 613 words)
- Concerted action wards off implosion (ft.com, 03/14/2008, 720 words)
- JPMorgan capitalises role in stemming malaise (ft.com, 03/17/2008, 401 words)
- JPMorgan buys Bear Stearns for $2 a share (ft.com, 03/16/2008, 577 words)
- JPMorgan buying Bear Stearns, Fed cuts discount rate (boston.com, 03/16/2008, 534 words)
- Victim of a crisis in credit and confidence (ft.com, 03/14/2008, 525 words)
- L.A. Land: Los Angeles Times (latimesblogs.latimes.com, 03/16/2008, 291 words)
- ABC News: JPMorgan Buys Bear Stearns for a Song (ABCNews, 03/16/2008, 309 words)
- Global financial system braced for ripple effect (ft.com, 03/14/2008, 422 words)
- Bailout aimed at stabilizing Bear Stearns (USA Today, 03/16/2008, 343 words)
- Rescue Me: A Fed Bailout Crosses a Line (nytimes.com, 03/16/2008, 779 words)
- These days must be humbling for Wall Street financ... (USA Today, 03/16/2008, 483 words)
- Market Likely Uneasy Over Bear Stearns (Washington Post, 03/16/2008, 730 words)
- Bear execs lack golden parachutes, stock plan crunched (Washington Post, 03/16/2008, 282 words)
- Paulson ready for further stability measures (ft.com, 03/16/2008, 64 words)
- ABC News: Paulson Defends Bailout as 'Right Decision' (ABCNews, 03/16/2008, 304 words)
- Paulson: Govt Will Act to Aid Markets (Washington Post, 03/16/2008, 912 words)
- Final step in Cayne’s fall from grace (ft.com, 03/14/2008, 496 words)
- This big rescue may be just the beginning (L.A. Times, 03/15/2008, 681 words)
- Long View: Imposing order on chaos (ft.com, 03/14/2008, 926 words)
- Wall Street waits for the next domino to fall (ft.com, 03/16/2008, 510 words)
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blaster@cs.columbia.edu
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