Bear Stearns Repo Boss Goes To Hedge Fund

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We're still closely following the career paths of the refugees from the collapse of Bear Stearns. Last night we learned that Matt Chasin, who ran repo financing activities for mortgage and structured products at Bear Stearns, has been hired as chief operating officer by Sorin Capital.
Chasin's duties in this newly created position will be to manage all funding and borrowing for the firm. We're sure Chasin's a swell guy but we couldn't help but gasp a bit at the audacity of placing him . Chasin's role at Bear would have placed him at the center of the funding , debt and risk management problems that many believe brought down the bank. The guy was running SIVs for Bear.
This hire seems largely a vote of confidence in the "run on the bank" theory or perhaps even the "Bear was assassinated" theory that exculpates Bear executives. Sorin Capital founder Jim Higgins is a former Bear Stearns executive himself. He ran Bear's commercial mortgage business, and started his career as a mortgage lender. Sorin Capital is riddled with former Bear Stearns employees. Sources familiar with the matter say that Chasin had considered moving to Sorin prior to the collapse of Bear in March.
It's also a sign of how hedge funds are leaping on the opportunity to higher bankers dislocated by the credit crisis.
Update: We're told that Sorin Capital made a mint shorting MBS and CMBS over the past two years, the same period hedge funds run out of Bear were taking long MBS positions that would eventually help undermine confidence in the bank.
Sorin Snags Former Bear Stearns Exec. [FinAlternatives]

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