How good a deal was it for JPMorgan?

Bloomberg reports JPMorgan picked up Bear Sterns "for less than the value of its real estate," the office buildings it owns.

There is some good news!  Bear Sterns president for the last thirty years, until a few months ago, was Cayne. "Cayne ranked as Wall Street's richest CEO, with $1.3 billion of assets ... His stake in the firm approached $1 billion last year when the shares reached their peak price of $170. Under terms of the JPMorgan takeover, his holdings are now worth about $12 million."