Changes

The involvement by Federal Reserve officials plainly did exploit government power, and taxpayers did bear the risk of large losses at the banks used by the Fed to finance the bailout, including the use of guarantees.

The involvement by Federal Reserve officials plainly did exploit government power, and taxpayers did bear the risk of large losses at the banks used by the Fed to finance the bailout, including the use of guarantees.

Later, Alan "Ace" Greenberg, the 79-year-old chairman of Bear Stearns's executive committee, observed that the public "was told today that Long-Term Capital had America on the precipice, ruined America, ruined the financials," Greenberg said. "Nonsense. It never was even close."<ref>http://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a2mbR8rPyzto</ref>

Later, Alan "Ace" Greenberg, the 79-year-old chairman of Bear Stearns's executive committee, observed that the public "was told today that Long-Term Capital had America on the precipice, ruined America, ruined the financials," Greenberg said. "Nonsense. It never was even close."<ref>https://www.bloomberg.com/apps/news?pid=20601109&refer=home&sid=a2mbR8rPyzto</ref>

==See also==

==See also==