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7 - Fed Discussions of Collateral and Liquidity Support

Published online by Cambridge University Press:  04 June 2018

Laurence M. Ball
Laurence M. Ball
Affiliation:
The Johns Hopkins University
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Summary

Before the Lehman bankruptcy, Fed officials extensively discussed the possibility of liquidity support to avert Lehman’s bankruptcy, and there was almost no discussion of collateral adequacy or legal authority. These factors were raised by officials only after the bankruptcy. In addition, their ex post arguments about these points are based on flawed analyses of legal and economic concepts and factual claims that are not supported by evidence.
Type
Chapter
Information
The Fed and Lehman Brothers
Setting the Record Straight on a Financial Disaster
 , pp. 113 - 144
Publisher: Cambridge University Press
Print publication year: 2018

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