your post 23 reply to me makes it look like you didn't know it in real time:
"That was Bear Stearns, trading at $2, bought for $10 a share. "
It wasn't "trading at $2, bought for $10". It was trading at 30, the Fed ordered JP to buy it, JP valued it at 2 and bought it for 10 so they wouldn't look like vultures in the eyes of the public.
It wasn't "trading at $2, bought for $10". It was trading at 30, the Fed ordered JP to buy it, JP valued it at 2 Traded as low as $2.84. Stock holders stomped their feet, threatened to vote against the deal, JPM upped their bid to $10.