Posted on 11/10/2009 1:28:08 PM PST by NormsRevenge
NEW YORK – Two Bear Stearns executives who ran hedge funds that crashed in 2007 amid the subprime mortgage meltdown were acquitted Tuesday of lying to investors about the looming crisis on Wall Street.
Jurors found Ralph Cioffi and Matthew Tannin not guilty of conspiracy and other charges in an alleged fraud that cost 300 investors about $1.6 billion and nearly caused the demise of Bear Stearns itself. The firm barely avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co. The jury began deliberating on Monday.
Both men had been charged with three counts of securities fraud and two counts of wire fraud. Cioffi was also charged with insider trading.
Tannin left the courtroom without comment. Cioffi said only, "I'm happy."
(Excerpt) Read more at news.yahoo.com ...
good. these people need to stop being villified.
Now if we could only get Frank and Dodd indicted convictions would be a slam freaking dunk.
“Now if we could only get Frank and Dodd indicted convictions would be a slam freaking dunk.”
The market collapsed because of Congressional obsession with affordable housing and the Fed’s reckless low interest rate policies and failure to oversee the banks.
Cioffi and Tannin were fall guys for Obama’s witch hunt. Good thing that they were found not guilty.
The Williams and Connolly lawyer, Dane Butswinkas, kicked the hell out of the DOJ attorney.
The defense’s experts were Glenn Hubbard (Columbia) and Anthony Sanders (George Mason University). Two free market economists testifying against the Federal government!!!! And they were brilliant!
The Williams and Connolly lawyer, Dane Butswinkas, kicked the hell out of the DOJ attorney.
The defense’s experts were Glenn Hubbard (Columbia) and Anthony Sanders (George Mason University). Two free market economists testifying against the Federal government!!!! And they were brilliant!
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