The Bear Stearns fund performance "reflects the unprecedented declines in the valuations of a number of highly rated (AA and AAA) securities, " Bear Stearns told investors in a letter circulated late Tuesday.

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It's a billion-dollar business, but most of it goes to the major-league-affiliated teams (Class A, AA and AAA), which break even only by dint of help from their major league parents.

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Everyone knows August was a volatile month after the downgrade of U.S. credit from AAA to AA on Aug. 5.

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The IOUs were rated AAA but yielded 100 basis points (that is, a full percentage point) more than comparable maturity AA-rated corporates at the time.

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