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Continuing Subprime Woes: Issues With Short Term Money Market Funds

Columbia Management, a unit of Bank of America Corp., has closed its Strategic Cash Portfolio amid losses on asset-backed securities. According to the Wall Street Journal, the fund is currently valued at $12 billion, down from $40 billion just months ago. Bank of America closed this fund just weeks after announcing that it had set […]

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A $34 Billion Cash Fund to Close Up

Investors running for the exits have caused the closure of one of the largest U.S. short-term funds catering to institutional clients. Columbia Management is shutting its Columbia Strategic Cash Portfolio, it told clients late last week, after facing major withdrawal requests from large investors. The fund, which held $34 billion at the end of November, […]

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Bear Stearns Fund Seeks to Dissolve

A Bear Stearns investment fund hurt by the decline in the subprime mortgage market and facing creditors’ complaints about its management asked a Delaware judge to allow it to dissolve and liquidate its assets. Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund LP was linked to a Cayman Islands-based fund shutting down because of […]

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Massachusetts Charges Bear Stearns With Improper Trading with Two Failed Hedge Funds

On November 14, 2007, Secretary Galvin charged Bear Stearns with engaging in improper trading activities at two collapsed hedge funds. Filed on behalf of Massachusetts investors in the funds, the suit charges Bear Stearns Asset Management traded mortgage-backed securities, collateralized debt obligations and other securities from its own account with hedge funds it advised without […]

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Bear Stearns hedge fund losses lead to arbitration claims

Arbitration claims were filed this week with Financial Industry Regulatory Authority (FINRA) by Aidikoff, Uhl & Bakhtiari, of Beverly Hills, California. The Bear Stearns hedge fund at issue in the FINRA claims is the Bear Stearns High Grade Structured Credit Strategies Enhanced Leverage (Overseas) Fund. Three weeks ago, Massachusetts Secretary of State William Galvin charged […]

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