Fed loosens emergency-lending standards in Lehman's wake

09/15/2008 | NYTimes.com

The Federal Reserve dramatically loosened standards for emergency loans to investment banks to head off concerns in today's markets about fallout from Lehman Bros.' Chapter 11 filing. The central bank said it would not offer cash to potential buyers of Lehman. Meanwhile, 10 major banks worldwide agreed to contribute $7 billion each to an emergency fund that could be used if any of them faces problems similar to those facing Lehman.

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