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netted 10% of the original sales prices. When financing became difficult to obtain as the bubble burst, high debt ratios of some companies led to a number of bankruptcies. Bond investors recovered just over 20% of their investments. However, several telecom executives sold stock before the crash including Philip Anschutz, who reaped $1.9 billion, Joseph Nacchio, who reaped $248 million, and Gary Winnick,

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