Marek Fuchs
On a side note, the man who led this hedge fund apparently pitched himself as a real risk-taker, so it is also unclear how hedged a vehicle investors thought they were getting into. But the main things is, small and cash rich does not a Bear make.
Look: I'd be ticked off and frightened if someone said I could not redeem. And the fund was probably looking for the news to be ignored in the quiet of the holiday. But to go from that to drawing an automatic parallel to Bear Stearns and weaving it into a larger story is as irresponsible as disallowing the redemptions. Trust me, there should be plenty of opportunities to write about subprime and hedge-fund crumbling without forcing the issue. Speaking of issues, The Business Press Maven obviously has quite a few of them. One of the non-psychological ones is with Reuters, which I tend to criticize pretty much without letup. With online news aggregators, the wire services have gained influence and the cub reporters who work there tend to have less real-world business experience than more veteran reporters who, by the way, also have none.Spotlight on KKR
But I do want to point out what a good basic job Michael Erman did on this holiday issue, when KKR, looking to fly its public offering under the radar to avoid all the hullabaloo of the Blackstone(BX Quote - Cramer on BX - Stock Picks) offering which, among other things, set Congress sniffing around. Anyhow, by seeing the announcement through the lens of its holiday-eve timing, look at how Erman advanced investors' understanding:The relatively modest size of the offering and the timing of the announcement -- late on the eve of the U.S. Independence Day holiday -- suggested that KKR hopes that its IPO will be a lower key affair than Blackstone's, which attracted unwelcome attention from Congress.Even Wall Street Journal partner breakingviews.com, which The Business Press Maven normally likes, mentions the Tuesday afternoon timing without spelling out anything about its significance. Investors, heed the difference: Erman took The Wall Street Journal to school.
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