investors knew that Bear Steams had $11.1 billion in tangible equity capital supporting $395 billion in assets, a leverage ratio of more than 35 to I. Almost daily, Bear Steams had to renew a large percentage of its $102 billion 62 EFTA00316790 Case 1:08-cv-02793-RWS Document 102 Filed 02/27/09 Page 78 of 3