Monday, 4 May 2015
Last updated 1 hour ago
Jun 21 2007 | 1:03pm ET
Merrill Lynch yesterday reportedly sold off securities from Bear Stearns’ High Grade Structured Credit Strategies hedge funds in the broader markets and plans to start selling derivatives today.
Merrill Lynch did not sell all of the estimated $850 million of securities it put up for sale but sold enough assets to cover its positions, Reuters reports. Other lenders including JPMorgan Chase & Co., Bank of America Corp. and Goldman Sachs Group are reportedly in the process of unwinding their positions in the hedge funds instead of auctioning off the assets.
Bear’s hedge funds, which once managed some $20 billion in assets, have lost billions in securities backed by subprime mortgages. Over the last several weeks, the funds have sold off some $4 billion in mortgage-backed bonds to meet margin calls and investor redemption demands.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…