Fed Races to Rescue Bear Stearns

Front page of the Wall Street Journal:Storied Firm Sees Stock Plunge 47%; J.P. Morgan Steps InCredit turmoil spread to the heart of the U.S. financial system as Bear Stearns Cos., an 85-year-old institution that has survived the Depression and World War II, sought and received emergency funding backed by the federal government.n an extraordinary move, the Federal Reserve and J.P. Morgan Chase