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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GST who wrote (92362)3/17/2008 5:40:52 PM
From: CalculatedRisk  Read Replies (1) of 110194
 
JPM is smart. They took on some risk as outlined in their presentation, but $30 billion of the most illiquid assets were used as collateral for a non-recourse loan from the Fed. If the assets go bad, the Fed eats the losses.

Here is the presentation material:
files.shareholder.com

On page 3 and 4:
Special Fed lending facility in place; non-recourse facility to manage up to $30B +/- of illiquid assets, largely mortgage-related
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