Bear Stearns Target of Criminal Investigation
October 6th, 2007Imagine my shock.
Via: Reuters:
U.S. prosecutors launched a criminal investigation into two mortgage-related hedge funds at Bear Stearns Cos. that collapsed during the summer, a person familiar with the investigation said on Friday.
The U.S. attorney in Brooklyn, New York and the U.S. Federal Bureau of Investigation have begun the probe, which is in the early stages, said the source who requested anonymity.
The news was first reported by the Wall Street Journal.
Bear Stearns was not immediately available for comment and U.S. prosecutors declined to comment.
The U.S. investment bank has been battered by the collapsed hedge funds and losses in its flagship mortgage business which led to the departure of its co-president Warren Spector.
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you can use google to do a search within their site and see the presentations that they used to sell the packaged loans to people – not the phrases like zero cash outlay and bankruptcy remote and how they swing from a to bbb instruments etc. very interesting – save a copy before it is gone