'Traders win from Bear Stearns' troubles'
Wall Street investors who placed big bets against Bear Stearns made millions of dollars as the troubled bank's shares tumbled.
By Agencies |
NEW YORK: Wall Street investors who placed big bets against Bear Stearns made millions of dollars as the troubled bank's shares tumbled, the Wall Street Journal reported on Thursday, citing securities filings and people close to certain firms.
According to the Journal, large hedge funds including Harbinger Capital Partners, Greenlight Capital, Tremblant Capital Group and Paulson & Co. are among those that have benefited from the troubles at Bear Stearns.
JPMorgan Chase & Co agreed to buy Bear on Sunday for $2 a share, in a transaction encouraged by the US Federal Reserve, which feared that if Bear went out of business, the entire US financial system could be shaken. Bear Stearns shares closed down 11 percent on Wednesday at $5.26.
According to the Journal, large hedge funds including Harbinger Capital Partners, Greenlight Capital, Tremblant Capital Group and Paulson & Co. are among those that have benefited from the troubles at Bear Stearns.
JPMorgan Chase & Co agreed to buy Bear on Sunday for $2 a share, in a transaction encouraged by the US Federal Reserve, which feared that if Bear went out of business, the entire US financial system could be shaken. Bear Stearns shares closed down 11 percent on Wednesday at $5.26.
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