Wednesday, June 27, 2007

Bear Stearns taps managers to save hedge fund - Yahoo! News


Bear Stearns taps managers to save hedge fund - Yahoo! News:
"Bear Stearns Cos. Inc. said on Tuesday it does not plan to bail out the High-Grade Structured Credit Strategies Enhanced Leverage Fund, the second of two struggling hedge funds.

Instead it will provide $1.6 billion of financing to save its High-Grade Structured Credit Strategies Fund. Days earlier the bank had said it would provide up to $3.2 billion in financing."
" Bear Stearns Asset Management CEO Richard Marin is taking a stronger role in managing its two troubled hedge funds and tapped mortgage unit head Thomas Marano to save one of the funds"

1 comment:

Bakunin said...

Oh, yeah... another uplifting story about a financial "genius" about to put a dowel in the jaw of rabid, feral Wall Street (and, I presume, regulatory) lions.

Now, this guy actually writes "movie reviews..." What else can the world expect from this humanitarian. If he can save hedge funds... who knows? Next stop... Darfur!

What a bunch of classic "jerks"