Striking a note of perhaps unnecessary defensiveness, Bear Stearns released a statement noting that it was not invested in any Bear Stearns hedge funds except the High-Grade Structured Credit Fund and that it does not think any of its other private equity investments had subprime mortgage risk. Whether that assuages investors is an open question. The company said the less troubled Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund (quite a mouthful) has just $1.2 billion in repo agreements. That's much less than the previously estimated $7 billion. So it looks like that fund will not require a big infusion. But there is still a chance of more turbulence. Lot of resets are coming and the market is very nervous about the subprime situation and how various CDOs are valued (see next item). 

For more:
- here's a MarketWatch article
- more on the SEC probe article