I Know They Mean "Well"

Read this on Bloomberg (Update 3).

The Fed is in effect assuming responsibility for managing the assets [of Bear Sterns], a Fed official told reporters in a conference call. The central bank will manage the positions to minimize any market strains and maximize long-term value, said the official, who spoke on condition of anonymity.

Even at a loss. From the same article.

The central bank on March 11 announced it will for the first time lend Treasuries in exchange for debt that includes mortgage-backed securities held by dealers to facilitate market-making. It holds about $713 billion of Treasuries on its balance sheet.

On March 7, the Fed said it would make $100 billion available through repurchase agreements, where the Fed loans cash in return for assets including mortgage debt issued by Fannie Mae and Freddie Mac.

Add another loss.