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Wednesday Aug 20 2008
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The 6am cut - Alphaville by email
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Deals with hedge funds may be helping Merrill delay losses
Merrill Lynch, in a bid to slash its exposure to risky mortgage-backed securities, has engaged in deals with hedge funds that may have been designed to delay the day of reckoning on losses, reports the Wall Street Journal. The transactions are among the issues likely to be examined by the SEC. In one deal, a hedge fund bought $1bn in commercial paper issued by a Merrill-related entity containing mortgages. In exchange, the hedge fund had the right to sell back the commercial paper to Merrill itself after one year for a guaranteed minimum return, the story says
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highly illegal activity otherwise known as “parking”. this is what eventually brought down michael milken. bear stearns have allegedly done similar things in the recent past.