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- The investment house [Bear Stearns] was purchased by JP Morgan Chase & Co. with assistance from the Fed in the form of a loan backed by $30 billion of Bear Stearns assets. JP Morgan has agreed to absorb the first $1 billion of losses if the value of the assets declines, but taxpayers are at risk for the remaining $29 billion. [Source: http://biz.yahoo.com/ap/080403/congress_bear_stearns.html]