The Globe and Mail reports in its Saturday edition that just six months ago, Mirko Bibic was adamant: BCE would not cut its dividend. The Globe's Tim Kiladze comments that at the time, the telco had just announced a $5-billion acquisition to expand into the United States. BCE's balance sheet was already loaded with debt, and the company's cash flow did not cover its quarterly payout to shareholders. Over the next half-year, BCE's shares fell another 34 per cent, and by Thursday they traded at the same price as they did in 1999. Chief executive officer Bibic capitulated, cutting the dividend by 56 per cent, saving $2.1-billion annually. What has played out is a collective failure on Bay Street, from BCE's blue-chip board, to analysts, to institutional investors. In September, 2023, TD analyst Vince Valentini noticed something odd in BCE's financial statements. Mr. Valentini found that BCE had $550-million less in cash flow each year, sending BCE's dividend payout ratio soaring to 148 per cent. BCE had been thought to have good governance from a reputable board. Institutional investors also overlooked the extent of BCE's dividend woes. BCE's executives deserve blame, but there is lots of it to go around on Bay Street.