Here's the Problem with Corporate Welfare
J.P Morgan thinks of raising Bear Bid to $10?
Utterly unthinkable without the $30 billion in taxpayer-funded guarantees. Remember, even with those promises, no one else was willing to pay more than ZERO for Bear's equity.
Bernanke is rumored to be trying to squish this re-negotiation. He should. Bear's equity holders don't deserve a taxpayer-backed buyout at $10. They'll were lucky to get $2. The alternative was zero.