China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Fed approves JP Morgan purchase of Bear Stearns bank
WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday formally gave its approval to JP Morgan Chase (JPM.N) to purchase a banking unit of Bear Stearns BSC.N.
The Fed had helped orchestrate the JP Morgan takeover of Bear Stearns to sooth tensions on Wall Street but had not formally given a green light to the takeover of the Bear Stearns Bank & Trust based in Princeton, New Jersey.
In a statement, the Fed said that its permission was not required for JP Morgan to buy Bear Stearns Companies, Inc.
"Based on all the facts and circumstances, the Board has determined that an emergency exists requiring expeditious action on the proposal," reads the statement concerning the bank purchase.
(Reporting by Patrick Rucker; Editing by Diane Craft)
