Denis Bovin, Bear Stearns’ vice-chairman of investment banking, likes to think of himself as a patriotic American who has helped strengthen the us defence industry. This springs from his role in its rapid consolidation in the post-cold war era of declining military budgets. The posture has endeared him to admirals, four-star generals and other Pentagon top brass and won their favour for mega-mergers. As a result such combinations as the $6 billion Lockheed/Martin Marietta merger or the $9.2
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