This just in -
See the attached report for a detailed rundown of assets the Fed took from BSC to induce JP Morgan Chase to buy Bear Stearns.
According to data disclosed this week by the New York Fed, the original value of the Bear Stearns Portfolio (Maiden Lane I) was $75 billion. When Bear transferred the portfolio to the Fed in 2008, the assets were "valued" at $30 billion.
Sounds to us like Bear Stearns really was doing well (readers - insert sarcasm here). Guess those nasty rumor mongers were to blame for the collapse of Bear Stearns after all (again, sarcasm; more intense this time).
Wall Street Law Blog will post the other Maiden Lane holdings tomorrow.