Not Guilty Verdict: Great For Ex- Bear Stearns Execs But Not

by Derek Loosvelt | November 11, 2009

  • My Vault

It’s been a lucky week if you used to work for the firm formerly in business and known as Bear. First, its ex-head of strategy pulled down nearly $2 million in the World Series of Poker, and then yesterday, the two hedge fund managers infamously charged with having touted their investments while knowing full well they were at the bottom of a full toilet bowl were found not guilty by a jury in a federal court in Crooklyn, New York.

The prosecution, which relied heavily on email correspondence, failed to provide a convincing case against the undynamic duo, Ralph Cioffi and Matthew Tannin, thus hurting the government’s future prospects of convicting others charged in connection with the subprime crisis as well as those charged in connection with the recent monstrous insider trading probe involving Raj Raj’s Galleon Group.

Filed Under: Finance

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