Volcker Says Fed's Bear Loan Stretches Legal Power

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Volcker, the Fed chairman from 1979 to 1987, had implicit criticism for U.S. regulators and market participants who allowed "excesses of subprime mortgages" to spread into "the mother of all crises." The Fed's Bear Stearns loan was at "the very edge" of its legal authority. Volcker said the modern financial system has "failed the test" of the marketplace.

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At www.bloomberg.com

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