Bear Stearns receive emergency fund

Bear Stearns, the big five of investment bank in US, will receive emergency fund from The Fed through JP MOrgan. This is the first time the Fed gave loan to a non-bank. Bear Strearns is one of the subprime mortgage victim. According to AFP, Bear Stearns President and CEO admitted that they are having liquidity problem because of housing credit in the US. Bear Stearns loss due to subprime mortgage reaches $ 3.2 billion.