Democratic Underground - Bear Stearns hedge funds near shutting down: report

Reply #5: Bear Stearns hedge funds near shutting down: report [View All]

ozymandius

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Wed Jun-20-07 07:15 AM
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5. Bear Stearns hedge funds near shutting down: report

NEW YORK (Reuters) - Two Bear Stearns Cos. (NYSE:BSC - news) hedge funds that invested heavily in securities backed by subprime mortgage loans are close to being shut down as a rescue plan is falling apart, The Wall Street Journal Online reported on Wednesday.

Merrill Lynch & Co. (NYSE:MER - news), one of the hedge funds' lenders, will move to seize collateral from the two funds and sell it, the Journal reported, citing unspecified documents.

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The struggling Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund suffered 23 percent losses through April, amid money-losing investments in subprime mortgages, and faced demands from creditors to post additional collateral.

http://news.yahoo.com/s/nm/20070620/bs_nm/subprime_bearstearns_dc

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Reply #5: Bear Stearns hedge funds near shutting down: report [View All]