Not Smarter Than the Average Bear

Well... JP Morgan (JPM) is going to going to buy Bear Stearns (BSC) for only $2 per share. That puts BSC down 98%+ from its 2007 peak. Clearly the CEO was lying about the position of the company. Will preventing the BSC bankruptcy help the market? Will this merely raise additional questions about which other bank CEOs are lying? Stock futures are already off about 1% this evening.