diff -urN bash-3.2.orig/braces.c bash-3.2/braces.c
--- bash-3.2.orig/braces.c	2006-09-09 08:27:17.000000000 +0530
+++ bash-3.2/braces.c	2008-12-18 00:12:05.535787394 +0530
@@ -496,6 +496,15 @@
 	  i++;
 	  continue;
 	}
+      if ((c == '<' || c == '>') && text[i+1] == '(')
+        {
+          si = i + 2;
+          t = extract_process_subst (string, (c == '<') ? "<(" : ">(", &si);
+          i = si;
+          free(t);
+          i++;
+          continue;
+        }
 #endif
 
       if (c == satisfy && level == 0 && quoted == 0 && commas > 0)