They fucked up big time. They should have provided emergency funding and call it quits. Too many people are starting to think that the Fed did this as a favor to JPM and they got a bargain. They might be right too. Shareholders got screwed for the sake of bondholdets. The fed clearly had bias on which ones they would protect. Many shareholders are now blaming the fed for the $2 offer. In reality, Bear would have declared bankrupcy or be bought out by JPM anyway. Fed got involved and is now seen as the bad guy. Greenspan must be laughing.