Long-Term's bailout crew to keep tabs on operation
Article Abstract:
Long-Term Capital Management will be co-managed by a committee representing a group of banks that provided it a $3.5-billion investment. The committee, which will be composed of officials from Merrill Lynch, Travelers Group, Morgan Stanley Dean Witter, UBS, and Goldman Sachs, will work with Long-Term partners in the company's offices in Greenwich, CT. The group reported that it will decide on Long-Term's capitalization structure, investment strategy, worker benefits, credit and risk management as well as hiring and termination of employees.
Comment:
Will be co-managed by a committee representing a group of banks that provided it a $3.5-billion investment
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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Bear Stearns agrees to pay $38.5M
Article Abstract:
Bear Stearns has agreed to pay $38.5 million to settle a lawsuit that accused the company of helping a small brokerage in defrauding investors. The suit claimed that the firm was aware of stock-manipulation schemes that were perpetrated by brokerage A.R. Baron between 1995 and 1996. Bear Stearns was then providing stock-clearing services to Baron. The deception reportedly had resulted in a total loss of about $75 million for investors.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1999
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