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Bear posed greater risk than LEH. When Bear was bailing out, JP came in play and offered the substantial price to rise the firm from its death-bed. But in the case of LEH, none of the private equity came forward in an attempt to rescue this dying equity firm. LEH being turned down by multiple banks over the weekend where there was a feeling that the LEH will possibly being taken over. As no buyer in market, LEH has no choice other than forcing itself in counting Chapter 11.
Also, if Bear would have gone the same route, there is a possibility that the market would have been hit much harder than on LEH. Bear would have created a catastrophe if it has gone seeking for Chapter 11. Bear had about $9 trillion of financial holdings which were shared with other financial institution, and when LEH is compared, it won't worth 1/10 of its value. Since the attachment of Bear is disseminated to other financial institution, it posed a great threat of taking others down when it files for chapter 11, but in case of LEH even it went down, it took no one but itself.
Fed cannot save everyone, and it is the truth. F/F is a core pillar of