4/11/2008

Regulators were surprised by the sudden, near collapse of Bear Stearns, prompting the Securities and Exchange Commission to make a push for longer-term funding for the Wall Street investment banks it supervises. The SEC oversees Morgan Stanley, Lehman Brothers Holdings, Merrill Lynch, Goldman Sachs and Bear Stearns as part of an agency supervisory program. "Going forward, as we look at how we supervise these firms ... I think we're going to push for more diversified funding bases," said Erik Sirri, head of the SEC's division of trading and markets.

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