Customer Quote by Alan S. Blinder
““One other important footnote to history: On Sunday, March 16, the same day that JP Morgan Chase announced its purchase of Bear Stearns and the Fed announced its approval of the deal, the Fed’s Board of Governors created the Primary Dealer Credit Facility. The PDCF made it much easier to lend money to securities firms by, for example, broadening the range of eligible collateral. Bear executives maintained that they could have averted bankruptcy without requiring assistance, if they had been given access to the PDCF. Jimmy Cayne told the FCIC that the PDCF came “just about 45 minutes” too late to save his firm. No one will ever know.””
About This Quote
Source Speech: Testimony before the Financial Crisis Inquiry Commission, 2011
The quote highlights how a newly created emergency lending facility arrived too late to prevent a major bank failure, illustrating timing and policy gaps in crisis response.
In simple terms: A rescue program arrived too late to save a bank.
Key Takeaway
Act quickly in crises.
Themes
finance
crisis management
policy timing
government intervention
Mood
analytical
critical
Type
historical
policy analysis
When to use this quote
- bank rescue
- central bank actions
- corporate decision making
Key Concepts
liquidity
systemic risk
regulatory design
Questions to Reflect On
- Could earlier access have changed outcomes?
- What safeguards prevent future delays?
A Different Perspective
Policy tools must be ready before crises hit.
![“Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.” quote by Jamie Dimon](https://sms4smile.com/quotes/img-quotes/04a/jamie-dimon-1320_assets_not-every-company-went-bankrupt-not-ever_128310.jpg)
