Bear Stearns Seeking Sovereign Wealth Funding, Telegraph Says
By Nicholas Larkin
March 15 (Bloomberg) -- Bear Stearns Cos. is seeking long- term funding from a number of sovereign wealth funds in a bid to stay in business, the Daily Telegraph reported.
Lazard Ltd.'s Deputy Chairman Gary Parr is working with Bear Stearn's Chief Executive Officer Alan Schwartz to identify potential investors following yesterday's bailout by the Federal Reserve and JPMorgan Chase & Co., the newspaper reported today. Lazard confirmed it's advising the bank, though declined further comment, the Telegraph said.
Lazard is also approaching rival banks to sell all or part of Bear Stearns, the newspaper reported, without saying where it got the information. A full trade-sale is unlikely, though there may be interest for parts of the business such as the derivatives book, the Telegraph said, citing an unnamed senior banker with knowledge of the situation.
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net
Yes game still holding X puts,maybe should have cashed some when they doubled but I still have time. This was touted by Cramer right after my entry but I am comfortable with it. Who's expanding their steel purchases at this time? Next downturn imho will give me an opportunity to cash out another winner.