The $30 billion of Bear Stearns secs were sold to the Fed

[Skip to the end] Doesn’t look like a funding operation. Looks like JPM sold the Bear Stearns securities to the Fed and retained a first loss piece: Text in JP Morgan’s 10Q: “Concurrent with the closing of the merger, the Federal Reserve Bank of New York (the “FRBNY”) will take control, through a limited liability company (”LLC”) [...]