Bear Stearns taps managers to save hedge fund
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Bear Stearns Asset Management CEO Richard Marin is taking a stronger role in managing its two troubled hedge funds and tapped mortgage unit head Thomas Marano to save one of the funds, two sources familiar with the decision said.
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Bear Stearns Cos. Inc.  does  not plan to bail out a second struggling fund that invests in  repackaged debt securities, a source familiar with the matter  said on Tuesday, while a company the investment bank set up to  invest in the securities withdrew plans for an initial public  offering.
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Bear Stearns, the securities firm that had a big part in triggering the collapse of the subprime market, yesterday reported the first quarterly losses in eight decades in business after write-downs for mortgage holdings and declines in trading and investment banking.
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Two Bear Stearns hedge funds, worth more than $20 billion, teetered on collapse yesterday after absorbing major losses from investments in the subprime mortgage industry.
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A couple of hedge funds would like to fix a pair of family-owned newspaper chains.
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Bear Stearns Cos. , the biggest broker for US hedge funds, has offered to provide $1.5 billion in loans to help rescue a money-losing fund run by its asset management unit, according to a person familiar with the situation.
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U.S. regulators said on Wednesday that Bear Stearns Cos. Inc.  should be able to unwind the positions of its two troubled hedge funds without causing wider financial market distress.
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Investors in Bear Stearns Cos.   hedge funds that were virtually wiped out from large bets on  risky mortgages are planning to sue the company as early as  Monday, television channel CNBC reported on Friday.
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Bear Stearns dethrones asset-management head as subprime losses rock the firm.
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Bear Stearns Cos. Inc.  on  Friday said it will provide up to $3.2 billion in financing for  a struggling hedge fund it manages, but sources said a second  fund is still working out a restructuring plan with creditors.
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Bear Stearns Cos. may put up $1.6 billion to rescue one of its money losing hedge funds, half as much as it offered last week, according to two people with knowledge of the situation.
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Bear Stearns Cos Inc  said on Tuesday it snared three executives from rival companies to expand services to hedge fund clients.
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Federal prosecutors are investigating whether a Bear Stearns Co Inc  fund manager improperly withdrew his own money from a fund while making rosy forecasts about the prospect of the portfolio, the Wall Street Journal reported on Tuesday.
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Bear Stearns Cos  is being investigated by Massachusetts securities regulators over whether the bank improperly traded with two in-house hedge funds that collapsed last summer, the Wall Street Journal reported on Friday.
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The Securities and Exchange Commission is examining the near-collapse of two Bear Stearns hedge funds that made bad bets on the mortgage market.
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Bear Stearns Cos. Inc.  on Friday said it would provide up to $3.2 billion in financing for a struggling hedge fund it manages, and said a second fund that took greater risk is still working out a restructuring plan with creditors.
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Bear Stearns CEO reportedly to be replaced by the firm's president, Alan Schwartz.