David Smith and Dominic Rushe in
From The Sunday TimesMarch 16, 2008
The credit crunch claimed its first big victim on Wall Street when the Bear Stearns investment bank was put on life support – and there could be worse to come
The rumours had been swirling around for days. Early last week
Was the Fed acting out of general concern for the economy and credit markets, or was it trying to save one or more troubled financial institutions?
On Friday the answer came. While the Fed’s move was aimed at easing strains in the markets, Wall Street’s instincts were right. One of its brethren, Bear Stearns, for more than 80 years one of the street’s blue-blooded names, was in deep trouble.
In a dramatic move, JP Morgan Chase and the Federal Reserve Bank of