WEST PALM BEACH, FL (www.hedgeco.net) – Bear Stearns president, Warren Spector says the rumors of hedge fund crisis are simply exaggerated. Spector said, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdWe have done a lot of double checking andtriple checking to make sure that none of our counterparties are blowing up.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd Spector made his remarks at the Morgan Stanley sponsored conference on Tuesday.<\/p>\n
The global equity markets were rattled last week at the downgrading of General Motors and Ford Motors bonds to a near junk bond status. Analysts are also troubled by the rapidly rising dollar as well as the declining oil markets. Such events led to some panic selling among rumors that some large hedge funds encountered significant losses.<\/p>\n
Such rumors have been finally laid to rest as some of the rumored hedge fund managers spoke for themselves. Spector mentioned, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdIt is not surprising that some clients lost money.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd He explained further that a lot of margin calls were initiated to some hedge funds, which borrowed money from investment banks. Spector added, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdI hear a lot of rumors that I don\u00c3\u00af\u00c2\u00bf\u00c2\u00bdt believe, and virtually none that I do believe.<\/p>\n
Other hedge fund industry participants also echoed Mr. Spector\u00c3\u00af\u00c2\u00bf\u00c2\u00bds remarks as well.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net<\/p>\n
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