Thursday, the shareholders for Bear Stearns Co, approved a buy out by JPMorgan Chase and Co., at $2.2 billion. Bear Stearns is being bought at about $10 per share, before the credit crisis with the market, the company was at $171 a share. Last June as a result of the crisis, two of the companies main hedge funds went down.

An approval was almost a sure guarantee, as JPMorgan had begun systematically purchasing large amounts of the company, before the vote they had already obtained almost half of Bear Stearns Co. stock, which is great assurance of shareholder approval. JPMorgan also raised its offer of $2 per share to $10 to help keep faith with the Bear Stearns shareholders as many will be retained as staff by JPMorgan.

Many feel this will be a great deal for JPMorgan although the benefits may not be immediately seen. Jeffrey Harte, annalist for Sandler O’Neill & Partners, says that, “Six months from now, who knows whether it will be good, bad, how things will be impacted. Six years from now, people will be saying this was a good decision,”.