Bernanke: Bear rescue averted chaos
“The sudden failure of Bear Stearns likely would have led to a chaotic unwinding of positions," said Fed chief Ben Bernanke.
The takeover of The Bear Stearns Cos. Inc. by JPMorgan Chase & Co. was necessary to keep the U.S. economy stable, according to Federal Reserve Board Chairman Ben S. Bernanke.
He defended the rescue plan in testimony delivered to the Senate Banking Committee today.
“Our financial system is ex
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