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From Staff Reports
In a sign that the subprime mortgage problem will spread as we’ve been predicting, the faltering Australian hedge fund Basis Capital has hired global giant Blackstone Group LP (NYSE: BX) to help it avoid a total fire sale after it was blistered by nearly $700 million in losses, according to the Australian Herald Sun newspaper . Thousands of Australian investors have “been exposed” through two Basis funds after investment banks worldwide downgraded U.S. subprime debt. Blackstone is already helping U.S. investment bank Bear Stearns in an attempted workout of two Bear hedge funds that were the first high-profile casualties of the collapse in the cheap-mortage market, the newspaper reported.
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