(Reuters) - NEW YORK, June 20 - The fate of two troubled
hedge funds managed by Bear Stearns Cos. Inc. was left
in question after Merrill Lynch & Co. Inc. sold off
assets seized from the funds and three other banks closed out
their positions with them.
The Bear Stearns funds once had over $20 billion of assets,
but lost billions of dollars from bad bets on securities backed
by subprime mortgages. Bear Stearns earlier this week proposed
adding $1.5 billion of its capital to the funds as part of a
broader restructuring plan, but many Wall Street firms have
already headed for the exits.
Read more at Reuters.com Bonds News
hedge funds managed by Bear Stearns Cos. Inc. was left
in question after Merrill Lynch & Co. Inc. sold off
assets seized from the funds and three other banks closed out
their positions with them.
The Bear Stearns funds once had over $20 billion of assets,
but lost billions of dollars from bad bets on securities backed
by subprime mortgages. Bear Stearns earlier this week proposed
adding $1.5 billion of its capital to the funds as part of a
broader restructuring plan, but many Wall Street firms have
already headed for the exits.
Read more at Reuters.com Bonds News
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