From the WSJ:
"Investors received a letter earlier this week from Braddock Financial Corp. of Denver. It said it was closing its Galena Street Fund, which mainly invests in bonds backed by subprime mortgages extended to borrowers with poor credit, and suspending redemptions until it can sell assets in the roughly $300 million fund."
To think, this is just getting started. The true fate of the Bear Stearns funds might not be known for another 10 days. If they can't obfuscate things enough to hide the collateral damage, the systemic spread could be awful.
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