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JP Morgan Chase buys out Bear Stearns, while the Federal Reserve takes drastic steps to prop up the financial sector. The AP's Mark Hamrick recaps Monday's business headlines. (March 17)
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JP Morgan Chase has agreed to buy rival Bear Stearns, a move that contributed to the Fed announcing a cut in the emergency lending rate to financial institutions. The ongoing crisis sent Asian markets tumbling. (March 17)
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Max Fraad Wolff: "Bear Stearns was taken out by the Federal Reserve and JPMorgan, which then served Bear Stearns's still-warm remains to JPMorgan Chase. And they are now devouring them."