This little ditty is by Paul Muolo of National Mortgage News’ Weekend Edition. Source Media, who ownes this publication, derives most of its revenue from the mortgage industry. What is interesting is that he seems digging into Bear and their two kaput hedge funds. At least he is asking for confidential emails.
This is tantamount to biting the hand that feeds you. Nonetheless, the notion that EMC’s parent may be caught trying to hide something in the Caymans should be of interest to many here.
Don’t waste your time contacting him, he could give a rat’s ass about borrowers, or their problems with EMC or any of the players. The guy is not our friend.(Sorry, no link – subscription based service)
(I left his photo just for kicks)
NATIONAL MORTGAGE NEWS - WEEKEND EDITION - 12/07/07
What We're Hearing
By Paul Muolo
Now that New York attorney general Andrew Cuomo has subpoenaed mortgage-related documents from Bear Stearns, Deutsche Bank and Merrill Lynch, some of you might be wondering: whatever happened to those two subprime-related hedge funds that Bear closed this summer? The short answer is they are kaput but could be back in the news shortly. The one thing none of us knows (and correct me if I'm wrong and I know there's readers out there who will) is who, exactly, the creditors of these two funds are. Bear has some sharp attorneys who are trying to liquidate the funds through the Cayman Island courts. Do you know what that means? Bear doesn't have to disclose who the creditors are - or much else for that matter. The reason companies go to the Caymans is this: you don't have to disclose much of anything. (I should've went to law school.) The two funds are called High-Grade Structured Credit Strategies Enhanced Leverage Fund and High-Grade Structured Credit Strategies Fund. The reasons the two funds might be in the news again is this: Bear says in a recent SEC filing that it has been "contacted by and received requests for information and documents from various federal and state regulatory and law enforcement authorities" regarding the two funds. The phrase "law enforcement" would mean either the AG's office or the Federal Bureau of Investigation. If you have any information regarding this matter and/or how Bear's trading desk and warehouse division worked in tandem the past few years drop me an e-mail at Paul.Muolo@SourceMedia.com. All e-mails will be kept confidential unless you don't want them to be.