Trying to figure out what happened, what the fuck is going on. Bear Stearns is trading at $30 on Friday, then over the weekend JP Morgan buys it for $236 million.

As the Financial Times puts it:

[T]he deal, which values Bear at just $2 per share, compared with the $169 hit in January last year and the $30 reached on Friday, will wipe out most of the value of the investments of Bear’s shareholders.

And the Fed is guaranteeing up to $30 billion of Bear Stearns’s outstanding paper. What gives?