Barclays Spars Over Its Losses at Bear Stearns

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	Barclays Spars Over Its Losses at Bear Stearns

Forbes

7-22-2007 10:24 AM

450 views

tags:

banking, sub-prime mortgages

Forbes says:

This looks as if Barclay's is facing far bigger losses in a Bear Stearns hedge fund than previously thought.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a9502511-6e29-4d5a-9eb8-dd8c7d7205f3/65B0D16A-DA5C-426B-B29A-D4CF6CFDA4F5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://online.wsj.com/article/SB118497732836973593.html?mod=home_whats_news_us" href="http://online.wsj.com/article/SB118497732836973593.html?mod=home_whats_news_us" style="font-size: 11px;">online.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.wsj.com/article/SB118497732836973593.html?mod=home_whats_news_us"><P class="times">Signaling the frustration among investors who were hurt by bad bets on the risky subprime-mortgage market, <A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=bcs" class="times rolloverQuote">Barclays</A> PLC is sparring with <A href="http://online.wsj.com/quotes/main.html?type=djn&symbol=BSC" class="times rolloverQuote">Bear Stearns</A> Cos. over a loss that could be as high as $400 million, according to people familiar with the matter.</p> <P class="times">Barclays is a onetime supporter of a hedge fund at Bear, the Wall Street firm, that put billions of dollars into subprime securities.</p> <P class="times">It's a bitter turn to what had been a strong relationship. London-based Barclays, one of the world's biggest banks, wore several hats in its dealings with Bear Stearns Asset Management's High-Grade Structured Credit Strategies Enhanced Leverage Fund, say people with knowledge of the fund's inner workings. Barclays lent the fund about $200 million, these people say, and later offered an additional $250 million. The bank or investors -- and possibly a combination of both -- who bought a Barclays' product also invested hundreds of millions of dollars in the fund.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/65B0D16A-DA5C-426B-B29A-D4CF6CFDA4F5/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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