>But Greenspan, along with New York Fed President William McDonough,
>stressed that LTCM's rescue was not a government bailout because public
>funds were not involved in the effort.
> "The Federal Reserve Bank of New York's efforts were designed solely to
>enhance the probability of an orderly private-sector adjustment,"
>Greenspan said. "No Federal Reserve funds were put at risk, no promises
>were made by the Federal Reserve and no individual firms were pressured
Right. And it wouldn't have happened had the NY Fed, acting as the executive committee of the bourgeoisie, not been knocking heads.