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Bear is an investment bank, and does not have direct access to borrow money from the Fed. Ah, but under "emergency measures" announced today by the Fed, securi
by dpapathanasiou 19y ago
Bear is an investment bank, and does not have direct access to borrow money from the Fed.
Ah, but under "emergency measures" announced today by the Fed, securities dealers (for at least the next six months, anyway) may borrow from the Fed on much the same terms as banks.
- mixmax 19y agoUnfortunately for Bear these emergency mearures were only enacted today, and Bear needed the money on friday. Lousy timing...
- dpapathanasiou 19y agoWell, the sale to JPM was probably already a done deal at that point. It seems these measures are because there are probably other Bears out there, but not enough JPMs to save them all.
- mixmax 19y agoI'm pretty sure that the sale wasn't a done deal on friday. The problem didn't get serious until friday morning, and thursday I think that nobody even suspected a firesale. Unrelated: what does your username mean? Is it a greek last name, something else, or just a random sequence of letters? Just curious...
- dpapathanasiou 19y agoI'm pretty sure that the sale wasn't a done deal on friday. The problem didn't get serious until friday morning, and thursday I think that nobody even suspected a firesale. Take a look at this timeline: http://online.wsj.com/article/SB120580966534444395.html?mod=hps_us_inside_today http://online.wsj.com/article/SB120580966534444395.html?mod=... Unrelated: what does your username mean? Is it a greek last name, something else, or just a random sequence of letters? Just curious... It's my first initial and last name (which, yes, is of Greek origin). Any more questions, Mr. Ixmax? ;)
- mixmax 19y agoHa ha, yes I'm sure I can think of something - your record for getting answers is pretty good ;-)