Bear Stearn's year old High-Grade Structured Credit Fund turned out to be anything but - as of April 30 it was doen 23% on the year. In fact BS will have to jack up the fund by a billion and a half dollars just to keep it afloat. Hard to value assets and hard to assess strategies made the fund less than marketable. Bear Stearns "no questions" policy wasn't exactly a draw, it seems.

-- MDT

Labels: Bear Stearns, hedge fund