Meebo raising new round. Valued more than Bears Stearns

I don't get it. Sure, the site is cool and all, but what are they doing to get such ridiculous valuations?

I'm opposed to editorializing in headlines unless said editorializing is sufficiently funny and/or tragic, preferably both.

Meebo should take this opportunity to enter the derivatives market.

A small pizza restaurant is valued more than Bear Stearns.