Top Firm Boss Takes On Short Selling Hedge Funds
More in BUSINESS NEWS
back-up- Don't Be Fooled - Firms Are Hiring
- Analysts Predict More Asset Writedowns At Top Firms
- Janus, JPMorgan, Merrill Lynch, Morgan Stanley, UBS, Wachovia
- Top Firm 'Could Bleed To Death Slowly'
- Has Cityboy Finally Lost The Plot ?
- Lying On CVs Is On The Increase
- Cazenove, Citi, Credit Suisse, Goldman, Hedge Funds
- Fidelity, Macquarie, Jefferies, Royal Bank of Scotland, Schwab, Wachovia
- Best Graduate Recruitment & Development Programme Awards - The Qualifiers
- Bodean's BBQ Competition - The Winners
- Welcome To Our Firm - You're Fired!
- Top Firm's Board Urged To Break-Up The Empire
- Click Here To Register For Free News E-Mail Alerts
- Merrill Pay Ruck, Grounds Private Jets To Save On Costs
- Pandit Or Thain - Who's Doing The Best Job ?
- Time To Get Things Into Perspective..........
- Graduates - Lambs For The Slaughter
- BofA Comes Good, Hedge Fund Killing, Bonuses
- JPMorgan, Bear, Barclays, Dresdner, Aberdeen, HSBC
- The Credit Crunch Christmas Party
- Worried About Being Laid-Off ? Don't Be - Here's Why...
- Firms Signing Up For Free Access To Global Candidate Database
- You've Gotta Sing This - Probably The Best Market Ditty Ever
- Hedge Funds Bag New COLOSTOMY Product
- The CDO Song
- CDOs - The Complicated Song
- Market Meltdown - Video Nasty
- A Few Good Men 'Cost Control' Video
- Give Me A Job - The Most Amazing Job Application Ever
- The 'H-E-D-G-E' Song
- So, What Exactly Is 'Subprime Lending' ?
- 'I Got Laid Off & It Hurt Like H.ll'
- His Phone Rang & We Knew He Was Toast
- The Bear Stearns Golfing Song
- Is Your Firm 'In Vogue' In This Credit Crunched World ? (Updated)
- Good As Goldman ?
- Merrill Posts Big Loss, More Writedowns Expected
- Deutsche's Boss Has Been At It Again
- Thain Gets Testy As Merrill Writes Down Another $9.75bn
- Yabba-Dabba-Doo! It's The Finkstones (BlackRock On Top)
- Possibly The Most Daring Trade Of All Time ?
- Doubts Over Pandit, Trouble At Deutsche, RBS & UBS
- BNP Could Buy Dresdner, Credit Suisse Boss Defends 'One Bank'
- Big Boss Goes - Another One Bites The Dust
- The Latest On The Market Turmoil
- US Regulators To Clamp Down On Spread Of False Rumours
- Fortune's Top 25 Banks / Securites Firms By 2007 Revenue
- The Top 12 Completed M&A Deals
- Job Co.k-Up Causes Right Old Stink
- The Art's Gone, The Jet's Gone - It's All Gone
Related Content
- Top 20 Hedge Funds (25/05/2008)
- Top Firm Boss Admits 'Our Credibility Has Eroded' (15/06/2008)
- Time Is Short For Lehman Boss (17/06/2008)
- They've Got To Start Thinking About 'Selling The Firm' (10/06/2008)
- Cazenove, Citi, Credit Suisse, Goldman, Hedge Funds (24/07/2008)
- Top Boss Forgoes His 2008 Bonus (Already) (24/06/2008)
According to CNBC, Fuld has instructed his legal boys to advise regulators that 'he has information suggesting that short-selling hedge funds colluded to help cause the demise of' Bear Stearns. Speculation is rife that short-sellers were behind the rumours that Bear was suffering from liquidity issues, which prompted investors to sell their holdings and clients to pull their funds, thus driving the firm to the edge of bankruptcy and into the hands of JPMorgan Chase.
Fuld is also thought to believe that the same group of hedge funds were behind the liquidity (and other) rumours that hit his own firm's share price a couple of weeks back - on 16th March Lehman's share price fell almost 50% intra-day, before closing down almost 20%. Another rumour doing the rounds about the firm at the same time was that Lehman was over-exposed to a number of troubled Icelandic financial institutions.
The Wall Street Journal reports, however, that it will be hard to track down the source of rumours of this kind. The newspaper quotes Wayne University Law School professor Peter Henning, who said: 'Tracking down a rumour (like this) is like chasing the wind. You're not going to catch it'.
