Bear had been the only big firm that refused to help out Long-Term Capital Management, a hedge fund that came close to the brink in 1998.

贝尔是唯一一家拒绝帮助长期资本管理公司摆脱困境的公司，后者曾是在1998年濒于崩溃边缘的对冲基金。

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But Bear and Lehman weren't Banks, properly speaking: They were hedge funds lashed to investment Banks.

但是，贝尔和雷曼都不是银行，确切的说：他们是与投资银行捆绑在一起的对冲基金。

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First, it has been widely reported that the Bear Stearns hedge funds lost money on highly rated derivative securities based on subprime mortgages.

首先，外界广泛报道，贝尔斯登旗下的对冲基金是在基于次级抵押贷款、评级较高的金融衍生证券上出现的亏损。

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The brokers may have been pledged collateral against their hedge-fund loans but, as Merrill Lynch recently discovered in its dealings with two Bear Stearns hedge funds, it may not be possible to sell that collateral for anything like the current market price.

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Two were two mid-level Bear Stearns hedge fund managers who were prosecuted for fraud and acquitted.

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News earlier this week that a third Bear Stearns hedge fund, laden with mortgage debt, might be faltering raised even more concerns about the company.

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