JP Morgan to buy Bear Stearns

Two dollars a share. Hard to believe. But that shows you the extent to which Bear Stearns really was on the brink. It was a frenetic weekend of activity. CNBC reported early that JC Flowers and JP Morgan Chase officials met with Bear Stearns officials on Saturday. They were assumed to be the only two real bidders, with JP Morgan expected to prevail, which it did. About a year ago, Bear was trading in the $170 a share range. The New York Times pronounced the deal "shocking." It's no secret that Jaime Dimon, CEO of JP Morgan Chase, never thought highly of Bear Stearns. The issue for him is what to do with the bank. He may end up getting rid of everything except prime brokerage and the vaunted clearing operations. He might also retain the building, which apparently is nicer than JP Morgan's.    

For more:
- here's the New York Times article
- here's the CNBC article 
- does this mark the bottom? video

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