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1.
To make a poorly thought out decision that results in a catastrophic failure or demise of one or many people.

To plummet from the top to the bottom at a blinding speed only to be bought out and liquidated by someone else.

fuck up spitzer
"Hooking up with her was a total Bear Stearns."

"I partied all weekend instead of studying; it was a total Bear Stearns"

"Dude, I stopped paying my bills and got totally Bear Stearns'd"
by David A. M. April 07, 2008
 
2.
A colossal failure where an enormous success was expected.
The 18 - 0 New England Patriots totally pulled a bear-stearns in Super Bowl XLII.

The Patriots bear-stearned before Bear Stearns bear-stearned.
by Colonel Kernel March 20, 2008