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William Mellon Hitchcock was not your typical acid head. Billy, as he was called, was a tall, charming blonde stockbroker in his twenties who worked at Lehman Brothers — and heir to one of the largest fortunes in the country.

The story has moved quickly since it first surfaced, and the details our reporters have confirmed so far paint a fuller picture than the early headlines suggested. What follows is what we know, what remains unclear, and why it matters this morning.

The story so far

Sources close to the matter describe a situation that developed over months rather than days. Documents and interviews reviewed by Morning Glance show a pattern that was visible to insiders well before it reached public attention — and that pattern is what gives this story its weight.

William Mellon Hitchcock was not your typical acid head. Billy, as he was called, was a tall, charming blonde stockbroker in his twenties who worked at Lehman Brothers — and heir to one of the largest fortunes in the country.

What to watch next

The coming weeks should bring more clarity. We will keep following the principals involved, the official responses, and the numbers that tell the real story — and we will update this piece as the facts develop. For the latest coverage, keep an eye on the America's topic and our daily briefing.