Hearing on BSC rescue part 1

Chairman Bernanke on the failure of BSC:
"Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain"

NY Fed president Timothy Geithner on the risk of letting Bear fail:
"Under the circumstances prevailing in the markets, the issues raised in this specific instance extended well beyond the fate of one company"