Friday, 24 October 2014
Last updated 10 hours ago
Jul 27 2007 | 1:37pm ET
Just a month after scrambling to prevent lenders from seizing the assets of two troubled hedge funds, Bear Stearns is getting in on the action itself.
The New York-based investment bank seized securities from its High-Grade Structured Credit Fund—the fund it gave a $1.6 billion lifeline—to “protect against future price declines,” Bear spokesman Russell Sherman told Bloomberg News. The High-Grade Structured Credit Leverage Fund was the victim of an asset seizure—though not of the in-house variety—last month.
Bear said it expects to lose no money from its assumption of the $1.6 billion debt last month—recently reported to be down to $1.4 billion. But like the funds’ other investors, who learned two weeks ago that their investments had lost essentially all their value, Bear will probably be out its own $34 million investment. It will also probably not see $43 million in unsecured loans it made to the funds, and has decided to forego its management fee, costing it about $30 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.