Monday, 22 September 2014
Last updated 3 hours 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.