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Fed Rescues Bear Stearns With $2 Per Share Buyout by JP Morgan Chase; Lowers Rate
By Staff WriterWASHINGTON -- Casting aside fears of the "moral hazard" of rescuing an investment bank that bet so heavily on mortgage backed securities, the Federal Reserve and US Treasury Department engineered a buy-out of Bear Sterns by JP Morgan Chase for a mere $270 million, or $2 per share.
