Support for specific institutions In addition to those programs I have just discussed, the Federal Reserve has provided financing directly to specific systemically important institutions. With the full support of the Treasury, we used emergency lending powers to facilitate the acquisition of Bear Stearns by JPMorgan Chase & Co. and also to prevent default by AIG.
Benjamin’s work — on cross-country income differences, misallocation of resources, and the role of income and wealth distributions in macroeconomics — has quickly gained the influence and recognition that other researchers can only hope to achieve much later in life.