Bear Stearns' Subprime Bath

Hit by the subprime market's collapse, investors in a highly leveragedand losinghedge fund find they can't get out

Investors in a 10-month-old Bear Stearns (BSC) hedge fund are learning the hard way the danger of investing in risky bonds with borrowed money. The investment firm's High-Grade Structured Credit Strategies Enhanced Leverage Fund, as of Apr. 30, was down a whopping 23% for the year.

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