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Fed Officials Defend Rescue of Bear Stearns {NYT}

Tim Geithner, the president of the Federal Reserve Bank of New York, Fed chairman Ben Bernanke, Also testifying were Robert Steel, Treasury under secretary for domestic finance, and Christopher Cox, SEC Chair. The regulators were joined by two major players: Alan D. Schwartz, the CEO of Bear Stearns, and James Dimon, CEO of JPMorgan Chase.