Grabbing the Bear

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Enjoying the new RSS feeds at the SEC and my RSS reader's "full text search" feature, new 13D filings emit a pleasant "ding." Doubtless, I should have programmed a harsher sound for the arrival of JP Morgan's 13D filing disclosing their March trading in Bear Stearns.

Item 3 Source and Amount of Funds or Other Consideration
On March 24, 2008, JPMorgan Chase acquired 11,500,000 shares of Common Stock in the open market. The aggregate purchase price of $140,724,350 was paid out of working capital. The additional shares (and call options with respect to shares) beneficially owned by the Filing Parties referenced in Item 5 were purchased on the open market. Shares (and call options with respect to shares) purchased within the sixty day period through March 24, 2008, are set forth in Item 5(c) to this Statement. The dates and the amounts paid for the shares (or exercise price of the options) purchased within the past sixty days are set forth in Schedule III to this Statement and incorporated herein by reference. All purchases were made out of working capital.

Item 4 Purpose of Transaction
JPMorgan Chase acquired the shares of Common Stock in order to increase the likelihood that the plan to rescue Bear Stearns will be completed.

That's one way to put it, I suppose.

As of March 24, 2008, JPMorgan Chase beneficially owned 12,978,295 shares of Common Stock, or approximately 8.91% of the outstanding shares of Common Stock based on 145,727,555 shares of Common Stock issued and outstanding as of March 24, 2008, as reported directly by the Issuer to the Filing Parties. Of such shares, JPMorgan Chase had the sole power to vote or to direct the vote and the sole power to dispose or to direct the disposition of 11,500,000 shares of Common Stock, and shared voting and dispositive power with the other Filing Parties with respect to 1,478,295 shares (including 1,057,800 shares which one or more Filing Parties have the right to acquire under call options).

Indeed. Some interesting trade data can be culled from the filing. Including:

Transactions During the Past Sixty Days:
JPMorgan Chase & Co.
BSC COMMON STOCK
PURCHASE
11,500,000
12.2369
3/24/2008
J.P. Morgan Securities Inc.
CALL XUP JAN 09 @$80 BSC (09LPS)
SELL
56,900
3.0000
3/13/2008
J.P. Morgan Securities Inc.
CALL BVD APR 08 @$65 BSC
PURCHASE
250,000
3.5400
3/13/2008
J.P. Morgan Securities Inc.
CALL BVD JUL 08 @$75 BSC
SELL
78,200
2.5765
3/13/2008

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