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SEC Requests Bear Documents

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CNBC reports that the SEC has asked Bear Stearns to turn over its documents about the investments made by its two hedge funds that nearly collapsed. Bear representatives, Masters o’ PR, have pointed out that inquiry is “informal” rather than full-fledged. But the only reason the investigation is being called “informal” is because Bear Stearns is cooperating, says the SEC. If they were to put up a fight regarding turning over the documents, a subpoena would be requested and the investigation would become “formal.”
Related: Jeff Lane, the guy Bear recruited from Lehman Brothers to replace Richard Marin as asset management chief, is “not known as a fixer of failed things.”
SEC Heightens Scrutiny Of Bear Stearns' Hedge Funds [CNBC]