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Fec points to some interesting pieces/comments that hint at the possibility that Bear Stearns was thrown under the bus by folks at JP Morgan Chase who were trying to forestall their own demise. Interestinger, and interestinger.
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Befuddled 
Thanks. Some folks shy away from naked short selling conspiracy theorists, but they miss great comments like the one to which you refer. If the story is true, Bear Stearns got shorted to death for trying to do the right thing. Maybe the message got sent not to try and unwind CDS at discount rates. Whatever happened, when the Fed stepped in, Goldman Sachs, AIG and others unwound theirs at face value, an otherwise impossibility.
To me conspiracy theories generally feature some fairly implausible
components, and somehow all of this seems entirely plausible. Sadly,
none of this stuff is really surprising.