"BSC bonds not reflecting carnage" = buying BSC at 102? I see, it's so clear. I'll help you with "hindsight bias" if you like. Stating that the bonds belie the carnage in the stock is not the same as "I just bought at XXX".
Just to raise the bar in this thread a little, the bonds probably haven't moved much because these were off-balance sheet vehicles, and therefore leave the main company untouched. Bear did promise to back one of the funds, but it wasn't a statutory or fiduciary obligation for them to do so. Which goes to the main point: there's a lot of pain, but the bulge bracket Wall St shops aren't going to feel most of it. Not even Bear. You think these guys have been around for two hunnerd plus years 'cause they're suckers?