Bear Stearns board getting a pass?

There was a great deal of anger before JP Morgan offered to redo its deal for Bear Stearns. The outrage over the $2 a share initial deal was powerful. The anger was spread over lots of players--CEO Alan Schwartz, Jamie Dimon, and faceless rumor-mongers--but we didn't hear a lot about the board. Portfolio suggests that maybe that should change. It publishes a list of all directors, noting: "It's ultimately the responsibility of its board of directors to determine the best price its shareholders can get, and, as evidenced by the events of the past 10 days, they don't have much of a clue." You have to wonder exactly what their thought process has been through all this. It seems they let things get way beyond their control.  

For more:
- here's the Portfolio item 
- here's the new deal announcement

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