Fed's role forever changed with Bear Stearns bailout

03/28/2008 | Washington Post (tiered subscription model), The

The Federal Reserve's March 14 decision to give Bear Stearns a special bailout loan may have permanently altered the central bank's role. Most notably, the loan sets a precedent that could expand the Fed's mission. "Whether we like it or not, they've re-created the financial universe," said Charles Geisst, a Manhattan College finance professor.

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Washington Post (tiered subscription model), The

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