In 8-quart stockpot or Dutch oven, place beef bones and water. Heat to boiling. Reduce heat; cover and simmer 30 minutes. Skim off and discard any residue that rises to surface.
Stir in bouillon, salt, pepper, thyme and bay leaves. Return to boiling. Reduce heat; cover and simmer 2 to 2 1/2 hours longer or until meat is tender.
Remove beef bones and bay leaves from broth. Skim and discard fat from broth. When bones are cool enough to handle, remove meat from bones; cut into bite-size pieces.
Return meat to broth. Stir in all remaining ingredients. Heat to boiling. Reduce heat; cover and simmer 30 minutes or until vegetables are tender.