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Why Did JP Morgan Need the Fed's Guarantee?

I got a very good question in my inbox last night:

If JP Morgan did cherry pick and dump the riskiest Bear assets on the Fed, then there's no mistaking the significance of the Fed $29 billion guarantee. If, as JPM claims, they didn't cherry pick, it seems that the relevance of the Fed guarantee might be very minor in relation to potential losses from the retained riskiest assets. Yet the deal couldn't be done without the guarantee. Am I missing something?

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