D. STUDY DESIGN: This is an open-label, Phase II study of induction therapy with bortezomib, pegylated liposomal doxorubicin (Doxil/Caelyx) and dexamethasone as initial therapy in patients with t(4;14). Each 21 day-cycle consists of bortezomib 1.3 mg/m2 (given as an I.V. bolus on Days 1, 4, 8, and 11) followed by a 10-day rest period (Days 12 to 21). DOXIL/CAELYX 30 mg/m2 will be given after bortezomib as at least a 1-hour I.V. infusion on Day 4 of each 21-day cycle. Dexamethasone 40 mg PO will be given on days 1-4, days 8-11 and days 15-18 during the first cycle. For the subsequent 3 cycles, dexamethasone 40 mg PO will be given on days 1-4 and days 11-14. Patients who do not experience disease progression may undergo elective, as per the attending physician's discretion, stem cell mobilization followed by stem cell collection and cryopreservation. Patients will then receive post-induction therapy with cyclophosphamide + bortezomib + prednisone (1.5 mg/m2 bortezomib on days 1, 8, and 15 I.V. + cyclophosphamide 300 mg/m2 PO weekly + prednisone 100 mg PO on alternate days) for 8 monthly 28 day cycles, followed by maintenance therapy with 40 mg of dexamethasone weekly per month until disease progression occurs.