WASHINGTON, D.C. — At last Thursday's Senate Banking Committee hearing on the government's historic bailout of Bear Stearns, two questions were expected. Who set the initial bargain basement price of $2 a share for the investment bank? Who picked JPMorgan Chase as the fortunate buyer? Those questions were not clearly asked, and were not answered at all.

The hearing, transferred from the Banking Committee's cozy quarters to spacious Room G-50 in the Dirksen Senate Office Building, ...

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