Models Were Misleading 30 2. Bear Stearns' Impoverished Risk Management Program 31 F. Bear Steams Hides its Mounting Exposure to Loss 33 1. Early Wamings 33 2. Bear Steams' Deception Begins 36 G. The Implosion of the Hedge Funds 45 H. Repercussions of the Hedge Funds' Implosion 52 I. Bear S