Did someone forget that the Federal Reserve Bankers are just bankers and not Investment bankers.  Actually they may be investment bankers but they are not very good ones. Either way,  where is the public’s( ie taxpayer money) investment banker. Why is this deal any good for anyone but JP Morgan. The Fed has zero upside, carries all the major risk and JP Morgan has all the upside. This deal makes no sense. Heck, a full bailout would have been much better -at least there would be some upside. There is one possibility and that would make the Fed look really smart- IS  JP Morgan using the Fed or is the Fed using JP Morgan. ……? This deal has at the very least brought Bear some time and who knows what type of better buyers at better prices could emerge… I dont think we have actually seen the end of Bear Sterns and clearly at over $4 a share neither does that market ( but clearly “the market” is not that accurate given the $30 Friday stock price ) Time will tell as to who looks like the genius. Right now it is Dimon. It may end up being Bernake.