Bear Stearns Exec Blogs About Hedge Fund Recovery Fiasco

Posted Jun 28, 2007

Around the June 17 weekend, global investment bank brokerage firm, Bear Stearns was in the midst of trying to recover two of its collapsing hedge funds. One of the executives responsible for the hedge funds included Richard Marin who is also a blog enthusiast. Although now his blog is private and for invitees only, I was able to read some of his blog posts by using Google’s cache of the blog.

In Marin’s blog, he writes about his weight loss progress, movie reviews, his business trips, etc. Below is a screen shot of Marin’s famous blog post that the New York Times[1] quoted:

“This pretty much sums up my last two weeks trying to defend Sparta against the Persian hordes of Wall Street. Nothing like a good dog fight 24X7 for a few weeks to remind you why you chose the life you chose.” Bear Stearns agreed to pledge as much as $3.2 billion to recover one of the funds. The SEC will be looking into what happened exactly.

Both hedge funds were mortgage-related. One of the funds is called High Grade Structured Credit Strategies Enhanced Leveraged Fund.