Government to Bail Out Bear Sterns

WASHINGTON (AP) -- The Federal Reserve said Friday that it has voted to endorse an arrangement to bolster troubled Bear Stearns Cos. and stands ready to provide extra resources to combat a serious credit crisis. The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work. "The Federal Reserve is monitoring market developments closely and will continue...Full Story
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