There is one distinct moment in recent memory when everything was going to be just fine. On an early morning, back in April 2013, the smallest of miracles happened on the economic front. This singular event would lead to calls that the developed world’s ability to do business, with all of its multitudinous complexities, was on the road to a recovery, maybe this time, finally, forever.
Search Results for: High-Grade Structured Credit Strategies Fund
16 Results found for High-Grade Structured Credit Strategies Fund
McGraw Hill Financial Inc., Moody’s Corp. and Fitch Group Inc. were sued by liquidators of two funds seeking more than $1 billion over allegedly faulty investment ratings,…
Ralph Cioffi and Matthew Tannin, hedge fund managers at investment bank Bear Stearns, were acquitted of charges relating to alleged securities fraud. in June 2008, Cioffi and Tannin were arrested and processed at Federal Bureau of Investigation (FBI) headquarters in Manhattan.
A big topic in MBS markets right now is the scheduled end of the Fed’s pass-through and agency debt purchase programs at year end. But the elephant in the room is the fate of Fannie and Freddie. To a degree not well understood in the public discussion, the Fed’s purchases have replaced the GSE portfolio purchases that in the past helped to maintain a floor on MBS pricing in periods of peak supply and high market volatility (and consequently a ceiling on mortgage loan rates).
Elizabeth Warren, chair of the Congressional Oversight Panel (COP), appears to have a vendetta against the Federal Reserve’s Term Asset Backed Loan Facility (TALF).
Federal officials arrested two former hedge fund managers from once high-flying Bear Stearns Cos. on Thursday morning, in a very public display by officials from the Federal Bureau of Investigation’s New York office.
The credit crisis may get its first formal criminal charges against Wall Street execs in coming days, according to a published report Monday. The Wall Street Journal reported that federal prosecutors are preparing to charge two former Bear Stearns & Cos. managers with securities fraud tied to the well-publicized implosion of two hedge funds at the company that served to mark the start of the credit crunch on the Street.
Troubled monoline insurer Ambac Financial Group hasn’t yet given up on saving its ratings, even if the company is split up; the guarantor will look to raise $2 billion in an emergency rights issue, the Wall Street Journal reported Tuesday.
Two mortgage-related funds that collapsed at Bear Stearns earlier this year amid the intial subprime credit meltdown are now the subject of a criminal investigation, the Wall Street Journal reported today. From the story: 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 probe is in the early stages, the people added, and has not generated subpoenas.
Following up on a story I’ve blogged quite a bit about, the Wall Street Journal is reporting that Bear Stearns has siezed assets out of one of its own troubled hedge funds after it became clear that no additional cash or collateral would materialize to repay the $1.6 billion line of credit the Wall Street investment bank had extended to its own fund.
Updating an earlier post, it looks like those in the financial markets had good reason to brace themselves for bad news — but I doubt even those braced for the worst were expecting to see a near complete collapse of the two Bear Stearns funds I’ve been blogging incessantly about during the past month.
BusinessWeek broke the story today that the Securities and Exchange Commission is now looking into Bear Stearns’ handling of at least one of its two troubled hedge funds: