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Bear Stearns Deal Backed by $30B in Surplus Cheese

by Scott Ott · 12 Comments

(2008-03-18) — The Bush administration today, in an another effort to reassure global investors that capitalism carries no risk of loss, announced today that J.P. Morgan Chase’s takeover of the near-bankrupt Bear Stearns financial firm would be secured by $30 billion in government surplus cheese.
“Thousands of pallets of cheese are actually sitting in a warehouse [...]

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Tags: Business · U.S. News