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WASHINGTON (MarketWatch) - Bear Stearns Companies was indeed "too interconnected to fail" in the view of the Federal Reserve, according to minutes of the emergency meetings on the proposed bailout released Friday. The Fed board "agreed that, given the fragile condition of the financial markets at the time, the prominent position of Bear Stearns in those markets, and the expected contagion that would result from the immediate failure of Bear Stearns, the best alternative" was to facilitate its takeover by J. P Morgan Chase (JPM) the minutes said. The minutes do not shed much light on the internal deliberations because they just summarize the discussion. The Fed said Thursday that it lent almost $29 billion to finance the takeover.