spread about its liquidity crisis which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns", said Cox. Bear Stearns' liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said. On March 24, 2008, a class action was filed on behalf of shareholders, challenging the terms of JPMorgan’s recently announced acquisition of Bear Stearns. That same day, a new agreement was reached that raised JPMorgan Chase's offer to $10 a share, up from the initial $2 offer, which meant an offer of $1.2 billion. The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as loophole in a guarantee that was open ended, despite the fact that the deal required shareholder approval. While it was not clear if JPMorgan's lawyers, Wachtell, Lipton, Rosen & Katz, were to blame for the mistake in the hastily written contract, JPMorgan's CEO, Jamie Dimon, was described as being “apoplectic" about the mistake. The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, Paul A. Volcker stated that the Fed has taken "actions that extend to the very edge of its lawful and implied powers". See his remarks at a luncheon of the Economic Club of New York. On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price. An article by journalist Matt Taibbi for Rolling Stone contended that naked short selling had a role in the demise of both Bear Stearns and Lehman Brothers. A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found "no evidence that stock price declines were caused by naked short selling". Time magazine also labelled former Bear Sterns head James Cayne as the CEO most responsible out of all the CEOs who "screwed up Wall Street" during the Financial crisis of 2007–2008, even reporting that "none seemed more asleep at the switch than Bear Stearns' Cayne". Structure prior to collapse Managing partners/chief executive officers Salim L. Lewis: 1949–1978 Alan C.