M in Baltimore

Financials Likely in Dead Cat Bounce, But Fed's Now a Wildcard

(Off subject a bit ) But if the Fed is "the wildcard" ,where does the FED derive the legal right to stick the taxpayer for non-regulated banking bailouts, that will supposedly keep the banking sector afloat?
Details of the Bear/JPM deal are scant and very difficult for the general public (taxpayers) to understand.