"Bear Stearns' second largest shareholder, Joe Lewis, said Monday JPMorgan's $2 a share offer for the investment bank is "derisory."

"I think it's a derisory offer, and I don't think they will get shareholder approval," Lewis said, in an interview with CNBC.

Lewis also discounted rumors that his position in Bear Stearns was leveraged.

The British-born billionaire, who amassed his fortune as a currency trader, is the biggest individual loser in Bear Stearns' debacle. It is estimated that he has lost nearly $1 billion from his decision to pile into Bear Stearns stock in recent months."

The problem with the deal is that it is too low, and too favorable for Morgan. It is literally guaranteed to drive angst from the other side. Whenever you do a deal, you always make sure the other side gets to walk away with something. If you don't you always risk the deal falling though unnecessarily. $2 is a slap in the face to employees who have lost a life savings and have the power to block the deal. At the very least, by the building at market price and get the company for free!