Academic

The big winner has been JP Morgan, which got both Bear and Washington Mutual for fire sale prices.  Bank of America isn't doing badly either; it got Countrywide and Merrill Lynch for not very much.  But also doing well: Goldman Sachs, which has seen competitors disappear, is getting money from Warren Buffett, and as a big counterparty to AIG and others, is getting bailed out, essentially, at 100 cents on the dollar.  I've wondered when the muttering about Goldman would start.  Why are the counterparties going to make out so well in all this?  Hey, where was Paulson before he came to Washington?  Well, I need wonder no longer.  Gretchen Morgenson starts the inquiry.