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Hedge fund worries as CCC closes | |
(about 2 hours later) | |
Carlyle Capital Corporation (CCC), a unit of the private equity firm Carlyle Group, has said it will not be able to meet lenders' demands for money. | Carlyle Capital Corporation (CCC), a unit of the private equity firm Carlyle Group, has said it will not be able to meet lenders' demands for money. |
The US mortgage-backed bond fund will collapse if, as expected, its lenders seize its remaining assets. | |
CCC's problems are the latest sign of the credit market turmoil that has prompted billions of dollars of losses at some of the world's biggest banks. | |
Other investment funds may now face similar problems, analysts fear. | |
"There will be some very scared people in hedge-fund land today," said BBC business editor Robert Peston. | |
"Hedge funds that have borrowed from banks against the security of mortgage-backed debt could be about to see their assets sucked into the banking system and their businesses vanish," he added. | |