Could it be a Holy Mystery, like they told you in Catholic school, for anything that couldn't be explained?  Steve Randy Waldman at Interfluidity.com has another theory on why Bear Stearns (BSC – $5.94) is trading above the $2.00.  He offers up god, oh I mean Jamie Dimon, channeling J.P. Morgan.  Could The House of Morgan be the one buying shares above the deal price to vote them their own way?  I love the idea but I see securities law problems with that theory.  I don't think JP Morgan would risk that.

I'll be watching to see what Mr Waldman comes up with next.

Disclosure:  I own BSC.  I own Bear Stearn Preferred shares.  I am short 10 strike calls on BSC and long 15 strike calls.  I own JPM.  I did not go to Catholic school.