Deloitte & Touche's statements in an audit released last year of Bear Stearns may have given investors an inkling of the trouble to come at the investment firm, which was acquired this week by JPMorgan Chase for $2 a share in a Federal Reserve-backed deal that has averted a likely bankruptcy.

Deloitte & Touche warned of the problems in fair value accounting for assets in two of Bear Stearns' hedge funds. The 2006 audit, which was released in May 2007, warned that many of the assets in the funds were being valued using estimates by Bear Stearns' management team that may not have corresponded with reality.

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