WASHINGTON, March 17 (UPI) -- U.S. President George Bush and economic advisers are pleased with the Federal Reserve's actions on Bear Stearns, U.S. Treasury Secretary Henry Paulson said.
J.P. Morgan's $2-a-share purchase of troubled investment bank Bear Stearns during the weekend came with the aid of $30 billion in financing from the U.S. Federal Reserve. The Fed also lowered interest rates by a quarter-point Sunday to stem panic over financial house's collapse.