Jaime Dimon visits Bear Stearns

Jaime Dimon, the new boss at Bear Stearns, paid a visit to his new troops--and apparently got an earful. The New York Times recounts how he was greeted with a lot of anger. One exec took issue with his use of the term merger. I'm not sure if Dimon was accompanied by bodyguards. Top Bear Stearns executives, including Jimmy Cayne (of dubious clout at this point), are bent on fighting the $2 a share deal, even as JP Morgan Chase lays out integrations plans. Of course, most of the 14,000 Bear employees are cooked, though Dimon said he would retain some. Still, it's probably better to accept reality at this point. JP Morgan Chase seems to have a plan to take over every aspect of the business, from trading to prime brokerage. It may already be fait accompli.

For more:
- here's the Times article

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