Transcripts released by the Federal Reserve on Friday [Feb 22 2014] indicated that the central bank’s Federal Open Market Committee didn’t discuss a direct bailout of Bear Stearns just days before it provided the struggling investment bank with a $12.9 billion loan that forestalled its bankruptcy and allowed JPMorgan to acquire it. Transcripts also revealed that Bear’s struggles caused members at the March 10, 2008, meeting to consider the impact were the central bank to decide to cut its lending to any individual primary dealer.The Fed effectively bailed out Bear Stearns through its March 13 loan, and a March 17 facility called Maiden Lane that allowed the central bank to purchase $30 billion in assets from the investment bank. Those two liquidity measures allowed for JPMorgan to buy Bear Steans and forestall the investment bank’s bankruptcy.Those same efforts weren’t taken just months later when Lehman Brothers, another investment bank, fell into a liquidity crisis in the summer and fall of 2008. On Sept. 15, 2008, Lehman brothers filed for bankruptcy after the Federal Reserve refused to lend to the investment bank as it worked to sell assets, or find an equity investor to forestall its demise.
Blogs I Follow
- I guess Trump team is consistent about one thing: They really would rather have coal than advanced 21st century batteries
- Great trenchant essay on reading from Hisham Matar
- Can students record me in class?
- Awe-inspiring study from Ancestry.com
- Leading a non-profit that supports village libraries is a lot of work!
- Great article about one of the FAVL donors who helped make a library happen in Burkina Faso
- AYA Afrika Foundation helps continue after school reading program in libraries in Ghana
- New motor bike for FAVL/CESRUD Ghana
- Visite guidée à la bibliothèque communautaire de Dablo
- Les usagers illettrés à la Bibliothèque de Dimikuy
- La mairie de Pensa prend ses responsabilités
- What is going on in FAVL Burkina Faso?
- Les bibliothécaires en séance pratique d'origami
- Le coordonnateur national à la rencontre du staff régional
- FAVL/CESRUD Ghana libraries expand their reach to surrounding schools
- Rapport du mois de janvier et février 2017 de la bibliothèque de Sebba
- Rapports des activités du mois de Janvier et Février 2017 de la bibliothèque de Bougounam
- Visite d'un ancien lecteur au bureau de FAVL Ouaga
- Rencontre FAVL et les autorités de Sabcé
- Encadrement du bibliothécaire de Pissila