Anyone who has been around Wall Street for any time knows that investment banks are ships that leak from the top. So when they start spreading rumors about themselves, a subject about which they know considerably more than their usual subjects — you know, like good stocks, bad stocks, and their competitors — they are almost founded on at least some facts, but oodles of emotion and longing too.
All of this, of course, is just another way saying that news of JPMorgan quintupling its Bear bid had to leak. Such things can never stay private. And ss much as CEO Jamie Dimon would like to take Bear out and win the prize for the Best Pillaging of a Brokerage (2008), he knows that being seeing to be neighborly about it matters in this Fed-assisted affair.