Quote of the Day
Oops. A letter from two hedge funds related to sub-prime mortgages totaling around $1.5bn from Bear Stearns:
“Let me take this opportunity to provide you with an update on the status of the High-Grade Structured Credit Strategies and High-Grade Structured Credit Strategies Enhanced Leveraged Funds managed by Bear Stearns Asset Management… The preliminary estimates show there is effectively no value left for the investors in the Enhanced Leverage Fund and very little value left for the investors in the High-Grade Fund”
Thanks for the update!
