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Federal prosecutors have launched a criminal investigation into two Bear Stearns Cos. mortgage-related hedge funds that collapsed during the summer, according to people familiar with the matter. The U.S. attorney in Brooklyn has made a request to Bear Stearns for information related to the hedge funds, whose failure cost investors $1.6 billion, said these people. […]
The hedge fund industry is estimated to be a $875 billion business and growing at about 20% per year, with more than 8,000 active hedge funds. Most hedge funds are highly specialized, relying on the specific expertise of the manager or management team. A hedge fund manager might employ investment strategies, some of which use […]
A federal judge refused to grant protection from U.S. lawsuits for Bear Stearns Cos.’ two bankrupt hedge funds, finding the Cayman Islands was not the proper jurisdiction for them to liquidate assets. U.S. Bankruptcy Judge Burton Lifland today said the funds’ filings in the Caymans didn’t make them eligible for the protection under a provision […]
For the mortgage industry, Wall Street’s big investment banks might seem like one of those friends who disappear when the going gets tough. It wasn’t that long ago that the investment houses, looking for ways to cash in on the then-booming housing industry, were buying mortgage lenders at a frenetic pace. The story now is […]
Putting another nail in the coffin of the troubled High-Grade Structured Credit Strategies hedge fund, lenders at Bear Stearns Cos. have seized most of the fund’s collateral following its failure to meet a recent margin call. Bear’s move, which according to someone close to the situation came after more than a week of waiting for […]