Bear Stearns Cos. Inc. (NYSE:BSC) said on Tuesday it does not plan to bail out the High-Grade Structured Credit Strategies Enhanced Leverage Fund, the second of two struggling hedge funds.Incidentally, Bear Sterns is hated by the street. During the Long Term Capital fiasco they did not "chip in" funds to mitigate the disaster.
Instead it will provide $1.6 billion of financing to save its High-Grade Structured Credit Strategies Fund. Days earlier the bank had said it would provide up to $3.2 billion in financing.
But, I'm with Beep. These are big boys making big bets for big rewards. And, sometimes you lose the bet. F#ck 'em!