LOLFED

Stolen but we loved it. Thanks Jess! Click for fullsize.

Benny exits total denial mode, acknolwledges that while he they did not bail out Bear Stearns per se, the Fed did bail out the economy as a whole:

“Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain,” Bernanke said. “Moreover, the adverse impact of a default would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability.”

Marketwatch points out there’s little surprise that JPM is underwriting for UBS, and the significant upside opportunities. Must be nice to be Jamie Dimon right about now.

Bear Stearns was halted this morning after vaulting 70% on word that yes, the shares might go for more than two dollaz!

Value investor Joseph Lewis, who holds about 8.35% of Bear, is now clamoring for a better deal. Not surprising, as it’s hard to watch that big a chunk of change dwindle to nothing.

Whenever rates on junk approach parity with rates on Treasuries - Alan Schwartz will be there!

Blatantly lifted, but too (or should I say TWO) funny not to share:

It’s a running joke on WSJ’s blog (and everywhere else) that Bear’s Jimmy Cayne can often be caught playing bridge while Rome burns, though word had it that he was around on Sunday night when shiz was going down. The Chairman spent most of the week, however, competing in the Imp Pairs bridge tourney. Nice of him to show up when it was over.

Bear Stearns employees who invested heavily in their own stock may want to peruse this logo for a moment:

JPM assuredly sees the resemblance.

I am fortunate to have a few guest-commentary posts that I will put up over the next few days! Here we have a historical chart of Bear Stearns (BSC):