It appears that the Delaware LLC holding Bear’s toxic waste will be consolidated on the books of the New York Fed and the estimated fair value of the portfolio, as of June 26, will be released in the Federal Reserve Statistical Release H.4.1. on July 3.
New York Fed Completes Financing Arrangement Related to JPMorgan Chase’s Acquisition of Bear Stearns
NY Fed extends $28.82 bln loan to JPMorgan for Bear
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June 27th, 2008 at 11:03 am
I’ve been trying to find an update on this for awhile. Looks like they will publish quarterly data on the portfolio in some aggregated form. I find it interesing that the value was 30bb on March 16th and now 3 months later the total value is still 29.97bb. Is this stuff not amortizing or did they fill it back up to the original 30bb with other bonds? I’m curious about how the ortfolio will be managed. Is the goal to maximize the the return on the assets or is the goal to prevent the Fed from taking losses. IE are they going to be liquidating the positions when possible or be content to hold them to maturity if that is the better economic choice.
June 27th, 2008 at 12:16 pm
I think the goal is “orderly” liquidation, but there is no pressure to sell anything the first 2 years.