On Thursday morning, the Federal Reserve Bank of New York announced its intentions to conclude arrangements for the financing of JPMorgan's acquisition of Bear Stearns by June 26 and finish valuating the investment bank's portfolio. "The New York Fed, in coordination with JPMorgan Chase, is working carefully...
The Federal Reserve had a busy weekend. First, of course, the Fed arranged to assist J.P. Morgan Chase in acquiring Bear Stearns by approving a $30 billion credit line to J.P. Morgan, secured by the Bear Stearns portfolio, a move that, by early Monday the talking heads were referring to as "nationalizing...