JPMogen Bear Sterns Deal --- A poison or honey?

JPMogen  finally got BEAR at unbelievable price: $2/shr.  The 5th largest Investment Bank was on super sale.   The deal also includes Bear Steams midtown Manhattan headquarters which is alone worth more than 236.2 mils. -- the entire amount that JP Mogen paid to take over Bear Sterns.  What a pit story it is.

Bear Steams'  midtown Manhattan headquarters worth 1.5Billion
 

JP Mogen could pay 100 times more if it do this deal one year ago.  And It need to pay 20 times more if it do this deal even one week ago.  Half of Bear Sterns 14,000 employees worldwide could lost their jobs in days.  And those employees hold 1/3 of Bear Sterns stocks and options that almost worthless overnight. This shows how dangrous could be if employee tied up their future money only with their emplor. Even it is 5th-largest investment bank nationwide it is not immune to risk of collapse.  What we can say, this kind of miserable story happened again and again. 
What we learn from it is: how vulnerable it could be if a company over extend it's credit to do the wrong thing. It could happen on a super size company, it also could happen on a super power country.  Bear Sterns is the first investment bank collapsed due to CDx and risk mortgage investment, it will not be the last one.

What JP Mogen got from this deal?  A poison or honey? It seems a super good deal --- a fraction of Bear Sterns stock price, Fed guarantee up to $30 billion loan for the Bear Sterns' troubled CDx and other assets, eliminate one long time rival from the field, a chance to entery new areas in the investment bank business.  It is a super good deal if JP Mogen can get ride of Bear Sterns' trouble.  But until proven, it remain a question mark.