Stearns’ Hedge Fund Managers Indicted; Ambac & MBIA disappointed by Moody’s downgrade

6:52 AM — June 20 — The front page of this morning’s Wall Street Journal has a photo of one of the Bear Stearns fund managers being led away in handcuffs. For me, it conjures an eerie reminiscent feeling of Enron, although on a personal level I feel what these fund managers are accused of doing is a lot less hurtful than what Enron was up to. That’s not to say the charges against Bear Stearns’ managers aren’t very serious in nature. According to the WSJ, they have been indicted by a grand jury in Brooklyn and charged with misleading investors when their fund was in peril, lying about their financial interest in the portfolios and destroying evidence in the investigation.
The New York Times has a story this morning about all the people jumping ship at Yahoo. The story says what has been an on-going trickle of employees leaving over the past two years has in recent days turned into a flood of employees making a mass exodus.
Listening to Squawk Box this morning, Joe Kernan reported that both MBIA and Ambac are surprised by their recent downgrades by Moody’s. Ummm…. have they looked at their stock prices lately?
On my “to do due diligence on” list today is energy stocks.
The usual disclaimer: Don’t base any investment decisions on anything you read in my little blog. Do your own due diligence — or hire a professional to do it for you.

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