On ahedgeda transaction, having too muchcash flowcommited toratednote debt coverage, leaving too little available for theincomenotes.

May 7, Landon Thomas Jr., Quarrel Erupts Between Bears Elder Statesmen, in

Instead, it was a collective failure of the governing five-man executive committee that over the years became so fixated on increasing the firms book value — and expecting the stock price to follow — that it lost sight of the concentrated,

exposure to the home mortgage market that left Bear vulnerable.

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