JPMC is one of the few financial institutions fairly unscathed by the subprime mess. The question I ask is will they turn Bear Stearns around, or will Bear Stearns drag down Morgan too?
Is this a good move for Morgan? Would they have bought Bear Stearns without prodding by the Fed?
Raalistically, JPM will be acquiring the profitable prime brokerage business, which will be a boost to its bottom line, and the Bear headquarters which is worth quite a lot in the long run. Pretty much all the other businesses will be quietly shut down (a few might get sold, but probably to unwise buyers who will end up quietly shutting them down).