Bear Stearns' (BSC) Shareholders Get A Gift Today

Bear Stearns' (NYSE: BSC) shareholders get a gift today. The shareholders who were left owning Bear Stearns were expecting to receive only $2 per share, but for some unknown reason Bear Stearns is now trading up at $5.33 today. I don't know who else can come in and get a $30B gift from the fed. JP Morgan (NYSE: JPM) had a previous relationship with Bear Stearns backing up some of its credit lines.

So I assume people who have been long Bear Stearns for awhile will likely be selling today for $5 a share versus the JP Morgan offer price of $2. But, the real question is, who the heck is buying Bear Stearns today? [JT]

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