While that's a high figure by any standards, it was difficult to interpret the number because it was based on a comparison with the depths of the financial crisis.

He argued that while Bear Stearns was not that large in comparison to other Wall Street firms, its failure would have had severe ripples throughout the financial system that the Fed could not risk.

By way of comparison, the Bank of England estimates that $2.8 trillion has been lost in credit-related instruments, the devices that dragged the financial system down in the first place.