Wednesday, June 27, 2007
Molinaro said on the call. “Obviously we didn’t envision market dislocation of this degree.”
Thomas Marano, the 45-year-old global head of mortgages and asset-backed securities, was appointed after Bear Stearns agreed to provide financing to its High-Grade Structured Credit Strategies Fund, said a person with knowledge of the decision. The New York-based firm said in a statement yesterday that it won't rescue a second fund, which borrowed more and sustained bigger losses.