““At Bernanke’s bidding, the Board of Governors held an emergency telephone conference on Friday, March 14, at 5 A.M. and voted to authorize the New York Fed to loan up to $30 billion to JPMC to bail out Bear Stearns. The transaction was carried out by the New York Fed’s SOMA through a newly created entity called Maiden Lane LLC. (The New York Fed is bordered by a street with that name.) The New York Fed loaned Maiden Lane about $28 billion to purchase approximately $30 billion in toxic assets from Bear Stearns. JPMC lent Maiden Lane about $1.15 billion for a ten-year term, accruing interest at the primary credit rate plus 450 basis points.””
![“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)
