EARLIER THIS YEAR, FRUSTRATED BY THE LACK OF U.S. LEADERSHIP IN THE BOSNIA crisis, Richard Holbrooke was on the point of leaving his post as the State Department's Assistant Secretary of State for European Affairs. His relationship with Secretary of State Warren Christopher and National Security Adviser Anthony Lake was rocky, and Wall Street, where he had carved out a lucrative career as an investment banker, beckoned anew. Then in July the Bosnian Serbs seized Srebrenica, a U.N.-designated "safe haven," and galvanized President Clinton into belated action. His departure plans suddenly on hold, Holbrooke took charge of the Administration's negotiations on...

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