Bear Stearns Debacle: Shareholders Getting What They Deserve?

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There's a reason Wall Street firms have minted so much money in the past 15 yrs: When you can bet $30 of borrowed money for every $1 of actual money, it's easy living when things are going well. Of course, things don't always go well, and in certain environments, this level of risk is unacceptable. Or should have been--to a handful of senior execs entrusted with making sure no Bear Stearns observer ever mentioned 'liquidity.'

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