Says the "not senior enough to have been involved in the initial negotiations" JP Morgan employee:
Our boss had a tricky path to thread - he had to succeed in the task of preventing Bear's fall, but had also to ensure that he was acquiring it at a price that reflected the potential risk to our firm, which was difficult to evaluate given Bear's uncertain liquidity and liability positions. In the end, Dimon struck a deal at what he considered the right price, but revisited that price when he had more time at his disposal and more information at hand. That was the sensible business-like thing to do.
A pensive, benevolent Jamie Dimon. The kinder, gentler Dimon. That's really a wonderful image. An image which I think is a lovely contrast to the official story (and public filing) from JP Morgan that, between the $2 and $10 offers:
...representatives of Bear Stearns contacted JPMorgan Chase’s counsel to discuss the proposed amendments to the transaction and to notify JPMorgan Chase that its proposal, as presently formulated, was not acceptable to the Bear Stearns board.... Later that day, JPMorgan Chase reiterated its view that the proposal it had proffered on Friday, March 21, 2008, was in the best interests of all, and requested that Bear Stearns continue to work towards a proposal that would enhance the certainty of the completion of the merger.
Bear Stearns’ bankruptcy advisors were instructed to be prepared [to file for bankruptcy] by the end of the weekend.
Think they even bother to put sugar in the Kool-Aid for the younger guys over there at JP Morgan?
Open Letter From A JPMorgan Employee [Here Is The City]