There's both bad news and good news (we're serious!) for Bear Stearns' 600 campus hires and summer interns.

As expected, Bear's new owner, JPMorgan Chase, has rescinded many of the job offers the company had made to this year's crop of new college graduates and MBAs. But even there, the news is not all dire.

Students hired to work in Bear's energy, prime brokerage or merchant banking divisions will join JPMorgan, according to a Saturday New York Times story. On the other hand, those who were to start in equities, banking or fixed-income divisions generally saw their offers evaporate. They can keep their signing bonuses - $10,000 for undergrads and about $50,000 for MBAs, the Times says - if they sign agreements not to sue the bank.

Students who accepted summer internships at Bear Stearns are in somewhat better shape, according to the article. Some will spend the summer in JPMorgan divisions, while the bank reportedly will pay others to work at charities.