Asked about the adequacy of the price paid to Bear Stearns, [Bear Stearns CEO] Mr. Schwartz said he had no alternative.
“All the leverage went out the window when we were told we had to have a deal done by the end of the weekend,” he said.
James Dimon, the chairman and chief executive of JPMorgan Chase, offered a slightly different view on the question.
“Buying a house,” he said, “is not the same as buying a house on fire.”
--Stephen Labaton, NYT, on the view on fire sales from both sides