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Fed values Bear assets at $29bn
The Federal Reserve Bank of New York on Thursday confirmed the estimated fair value of assets that were formerly held by Bear Stearns at about $29bn, the amount at which it was sold to JPMorgan in March. The Fed said the portfolio, of collateralised residential and commercial mortgage securities, is currently valued at $28.8bn. Many in the market had expected a larger decline in the portfolio, which the Fed marked at current market prices. But analysts said that when the Fed assumed the assets back in March, they were cheaply valued. The disclosure of the portfolio’s value was accompanied by the Fed’s weekly announcement of borrowing at its discount window, a $4.4bn drop in daily average borrowing by primary dealers to $1.7bn.
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http://www.nypost.com/seven/07062008/business/hedge_fund_report__bear_buyout_could_cos_118639.htm
3.7% drop in value since the Fed backstop? ********, at least JPM ate the 1st Bil.
FT Alphaville has automatically blocked suspected profanities in this comment.