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Fuel to the Fire

And you thought those other bidders just got bored and walked away when the Fed set the deadline? Not according to the Journal's take on the Senate hearing.

When it became clear that a deal had to happen before Asian markets opened late Sunday night, Bear Stearns's negotiating leverage "went out the window," said Mr. Schwartz. Among the parties examining Bear Stearns's books was a sophisticated buyer who was "prepared to write a multibillion check to invest in equity," but that would have required another financial institution to help finance the deal, Mr. Schwartz said. He didn't identify the potential buyer.

No doubt the cries of "foul, foul!" will lift anew.

Officials Say They Sought to Avoid Bear Bailout