Bear Stearn`s Dear Investor letter explained

Discussion in 'Wall St. News' started by ASusilovic, Jul 18, 2007.

  1. Bear Stearn`s Dear Investor letter explained

    From Greg Newton’s blog: A day late and several hundred million dollars short, Bear Stearns did its sort-of ’splainin’ about the adventures of its credit strategies funds, servin’ a heapin’ helpin’ of the strangulated verbal stylings reserved for these occasions. Some key sentences, translated:

    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 as of June 30 2007.

    Translation: You’re screwed.

    At this time approximately $1.4 billion remains outstanding on this [$1.6 billion] line and we continue to believe there are sufficient assets available in the High-Grade fund to fully collateralize the repo facility.

    Translation: We’re not.

    i>In the past weeks, Bear Stearns has taken action to restore investor confidence [blah blah blah] extra layer of oversight [blah blah blah] hedge fund risk management function [blah blah blah]...

    Translation: We faxed Ralphi Cioffi’s resume to (403) 217-2470.†

    Our highest priority is to continue to earn your trust and confidence each and every day, consistent with the Firm’s proud history of achievement.

    Translation: Thanks for playing. Please enjoy the rest of your evening.

    Source :

    HA, HA, HA....Good laugh :D :D :D
  2. Gotta love the bears digging for trash

  3. :D :D :D :D
  5. rock1968


    OMG>>> LOL!!