Summary
A DRAMATIC bail out of a high-profile American investment bank unnerved an already edgy banking sector yesterday, raising a transatlantic spectre of Britain's collapsed mortgage lender, Northern Rock.
Bear Stearns was thrown an emergency cash lifeline by JP Morgan Chase and the Federal Reserve - America's equivalent of the Bank of England - after the Wall Street bank said its cash position had deteriorated sharply in the past 24 hours.See the full content of this document
Extract
Bear Stearns Bail-Out Rocks Banking
Some believe it may now be vulnerable to a takeover, raising further echoes of the Northern Rock collapse. Northern, laid low by the credit crunch, was tracked by suitors before being nationalised earlier thi...
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