Soothing The Wild Beast

Wild Beast With a little help from the Fed, the market stages a comeback

During the unrestful weekend after the stock market plunged 190.5 points on Friday the 13th, top U.S. financial officials knew it was up to them to help avert a panic the following Monday. At a pivotal two-hour meeting, Treasury Secretary Nicholas Brady, a former Wall Streeter, huddled with Alan Greenspan, chairman of the Federal Reserve Board, and Richard Breeden, head of the Securities and Exchange Commission. Sifting through the latest market data, the trio concluded that the Dow Jones industrial average would fall more than 50 points when the New York Stock Exchange opened Monday, but then would probably rebound as...

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