Fed moves on weekend to ease credit crisis
The Federal Reserve cut its lending rate to financial institutions to 3.25 percent from 3.50 and opened a new six month lending facility for large investment banks to secure short term funds. The action followed JP Morgan Chase's agreement to buy Bear Stearns for 236.2 million dollars and aims to stabilize markets and ensure access to funds. Treasury Secretary Paulson and White House aides welcomed the steps as measures to enhance liquidity and orderliness in financial markets.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Wall Street
U.S
Central Bank
Ben Bernanke
Fed
Morgan Chase & Co
Bear Stearns
JP Morgan
Treasury
Henry Paulson
White House
Dana Perino
Paulson
Bernanke
Bear Stearns Sold to JPMorgan for $2 a Share
JPMorgan Chase buys Bear Stearns for $2 a share or $236.2 million to avert a bankruptcy and calm markets. The Federal Reserve guarantees up to $30 billion of troubled assets, with completion slated for the second quarter. JPMorgan to guarantee Bear Stearns' trading and investment banking operations.
MENTIONED IN THIS ARTICLE
Jpmorgan Chase & Co
Bear Stearns
Midtown
Manhattan
Jpmorgan
Michael Cavanaugh
New York crane collapse leaves four dead and three missing
Rescue teams search rubble after a 19 story crane toppled onto a four story town house in an East Side neighborhood. Four workers died and three people remain missing while authorities plan debris removal and further searches. Twenty four injured including eleven first responders. Mayor Bloomberg called it one of the worst city construction accidents.
MENTIONED IN THIS ARTICLE
New York
East Side
Michael Bloomberg
Nicholas Scoppetta
Bloomberg
Miami
John LeGreco
Fubar
51St Street
50Th Street
Maureen Shea
Wayne Bleidner
Pelham
Brad Cohen
Anthony Mazza
Aaron Stephens
New
York City
Also Mentioned on This Page
Jeannine Aversa
THE
Associated Press
Alan Schwartz
Jpmorgan Chase
Peter Dunay
Meridian Equity Partners
Yamaha Rhino
Yamaha Motor Corporation
Evan D. Buxner
Atvinjuryhelp.com
Evan D. Buxner, Esq
S. Brentwood Blvd
Suite
St. Louis
Missouri & Illinois
Atvinjury Help.com
Stephen Kaplan
Reliance Construction Group
Kaplan
Tai Chi
Pilates
Sunrise
PiYo
Shotokan Karate
Xingyi Quan
Salse
Siu.edu
Admin
Rec. Center
MonThur
Southern
Winois University
Carbondale
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