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ACTION ECONOMICS

JP Morgan to buy Bear, Fed opens lending to Wall Street

JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first…

  • Martin Howell
6 min read
ALAN SCHWARTZ

Credit-crunch woes claim fifth-biggest US bank

The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis…

  • Andrew Clark
4 min read