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SEC To Investigate Bear Stearns Fund

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The Securities & Exchange Commission has opened up a preliminary inquiry into the near collapse of a highly levered hedge fund it managed, Business Week's Matthew Goldstein is reporting. Apparently regulators would like to know how the investment firm went from telling investors that April’s losses were below 7% only to restate them at 18.97%.
This morning DealBreaker reported that the headline making troubles of two Bear Stearns funds were attracting the attention of two Capitol Hill lawmakers.
Bear's Big Loss Arouses SEC Interest [BusinessWeek]