About 60 protesters chanting “Help Main Street, not Wall Street” entered the lobby of Bear Stearns in Manhattan today to demonstrate your opposition to the Federal Reserve’s help in bailing Bear Stearns out of bankruptcy by arranging its takeover by J.P. Morgan on March 16.
After being escorted by police out of Bear Stearns, the protestors moved to J.P. Morgan.
Organized by the Neighborhood Assistance Corporation of America, the demonstrators are demanding aid for struggling homeowners and blaming Bear Stearns and J.P. Morgan employees for helping fuel the mortgage crisis.
Lenders were encouraged to drop standards to create new loans to fulfill demand for mortgage debt from investment banks like Bear Stearns. The banks then repackaged and resold the debt to investors. As a result, some lenders resorted to scams and fraud to initiate loans.
As part of the Bear Stearns and J.P. Morgan deal, the Feds agreed to guarantee up to $29 billion of Bear Stearns assets. This agreement has alarmed some who are worried that the U.S. government will rescue a failing Wall Street bank while ignoring the millions of home owners facing the possibility of foreclosure.
After being escorted by police out of Bear Stearns, the protestors moved to J.P. Morgan.
Organized by the Neighborhood Assistance Corporation of America, the demonstrators are demanding aid for struggling homeowners and blaming Bear Stearns and J.P. Morgan employees for helping fuel the mortgage crisis.
Lenders were encouraged to drop standards to create new loans to fulfill demand for mortgage debt from investment banks like Bear Stearns. The banks then repackaged and resold the debt to investors. As a result, some lenders resorted to scams and fraud to initiate loans.
As part of the Bear Stearns and J.P. Morgan deal, the Feds agreed to guarantee up to $29 billion of Bear Stearns assets. This agreement has alarmed some who are worried that the U.S. government will rescue a failing Wall Street bank while ignoring the millions of home owners facing the possibility of foreclosure.
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