To facilitate the acquisition of the Bear Stearns Companies, Inc. by JPMorgan Chase & Co., the Federal Reserve Bank of New York (FRBNY) created and extended credit to Maiden Lane LLC. Maiden Lane LLC is a limited liability company formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize the repayment of credit extended to it and to minimize disruption to financial markets. This line reports the fair value of the assets held by the LLC. Because the FRBNY is the primary beneficiary of the LLC, the assets and liabilities of the LLC are consolidated onto the books of the FRBNY.
Board of Governors of the Federal Reserve System (US), Assets: Net Portfolio Holdings of Maiden Lane LLC [WAML1L], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/WAML1L, February 20, 2019.