Tuesday, November 10, 2009

Bear Stearn Fund Managers Not Guilty on All Counts

The DOJ never had a case here.

At the time of the announcements of the indictments, DOJ attorneys were very misleading in the presentation of the case they had. It took jurors less than six hours before they came back to the court room with not guilty verdicts on all charges.

Ralph Cioffi and Matthew Tannin were indicted in June 2008 on charges of securities fraud, wire fraud and conspiracy, one year after two funds they managed failed. The jurors were smart enough to realize that what ever the scam going on these two schmucks had little to do with it.

If the DOJ wants to recoup its reputation, there is one case, which I think is winnable by them.

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