Congress Growls at Bear's $10-a-Share Deal

Updated from 2:42 p.m. EDT

Top financial regulators and CEOs convened on Capitol Hill Thursday to defend the controversial deal brokered by the Federal Reserve last month to prevent the bankruptcy of Bear Stearns(BSC Quote).

In an often contentious hearing before the Senate Banking Committee, Fed Chairman Ben Bernanke, Securities and Exchange Commission Chairman Christopher Cox, Bear CEO Alan Schwartz and JPMorgan Chase(JPM Quote) CEO Jamie Dimon told lawmakers that stepping in and arranging the sale of Bear Stearns -- with help from the central bank -- was necessary to prevent a larger systematic collapse of the U.S. financial system. ...