Denying Greek Exposure Chatter! (OZM)

Hedge funds, banks, brokerage firms, private equity, and just about every other investing or trading class has been quick to deny market chatter that there is excessive Greek exposure to the firm.  That doesn’t mean that there is not exposure to other PIIGS nations or troubled spots in Europe, but such is life.

Och-Ziff Capital Management Group LLC (NYSE: OZM) has issued a press release denying that it has any material exposure to Greek developments.  Why this is coming out may be just a formality or it may be trying to fend off any unwarranted (or even warranted) rumors or market chatter.  The long and short of it is that no one wants to be the next MF Global and no one wants to be the next Jon Corzine.

This is its statement responding to media reports regarding the Company’s involvement in Greek sovereign debt: “The Company and its funds do not have a material investment in Greek sovereign debt.  The Company and its funds have not been involved in any way in negotiations concerning the restructuring of this debt.”

Och-Ziff units are up over 2% at $9.70 today and the units were under $8.50 just two weeks ago.