from The Wall Street Journal.
July 31, 2007
Bear Stearns, already forced to shut two hedge funds that bet heavily on the risky subprime-mortgage market, is now facing big losses in a third fund that has roughly $900 million in mortgage investments, according to people familiar with the matter.
The $850 million Bear Stearns Asset-Backed Securities Fund has suspended investor redemptions and expects losses in July.
Also, Japan down over 1% right now.