Federal Reserve Issues Statement Following Bear Stearns (BSC) Bailout

"The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system. The Board voted unanimously to approve the arrangement announced by JPMorgan Chase and Bear Stearns this morning."

This morning, Bear Stearns announced a bailout from the New York Fed and JPMorgan. In its release, Bear Stearns noted their liquidity position in the last 24 hours had significantly deteriorated. The company cited a multitude of market rumors regarding the liquidity, which the company said it was unable to dispel.

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