Is Meebo worth the same as Bear Stearns (BSC)?

Another crazy day on Wall Street, another crazy valuation being shopped around in the valley! According to TechCrunch, Meebo, a no-download chat platform combining access to the most popular instant messaging clients is aiming for a $250MM valuation in their latest round.
Don't get me wrong, Meebo is an exciting company and with AOL opening up AIM they might even have a chance to become legitimate (an AOL insider tells me Meebo isn't exactly liked in Dulles, VA). But the same amount that JP Morgan Chase paid for Bear Stearns yesterday - that seems ludicrous to me. Then again, the guys at Meebo probably don't have billions of toxic CDOs tucked away in the server room!