Posted on 11/10/2009 1:45:24 PM PST by khnyny
NEW YORK (CNNMoney.com) -- Two former Bear Stearns hedge fund managers were found not guilty on all charges on Tuesday in the first major criminal trial stemming from the housing and financial meltdown.
A jury in U.S. District Court in Brooklyn, N.Y., acquitted Ralph Cioffi and Matthew Tannin. Both had worked as hedge fund managers at Bear Stearns, which went bankrupt in March 2008.
Federal prosecutors had accused Cioffi and Tannin of falsely inflating the value of their portfolios, even as they knew that the mortgage-backed assets in the funds were at risk of collapse.
(Excerpt) Read more at money.cnn.com ...
I don’t know the case so I won’t pass judgement.
But I would note that CNN says they’re “not guilty”, rather than “found not guilty”
That might make an interesting statistical analysis, beginning with a search for:
site:cnn.com “not guilty” -”found not guilty”
Save the sarcasm, this was a ridiculous case brought by a politically driven prosecutor who thought they could make their career on this.
A hedge fund loses its SOPHISTICATED INVESTORS money. Win some, lose some. It wasn’t the investors that complained about fraud.
Well, as we all know, the real guilty parties are those who pushed the Community Reinvestment Act and pumped up Fannie Mae and Freddie Mac.
That includes Jimmy Carter, Bill Clinton, Barney Frank, Chris Dodd, the Congressional Black Caucus, and none other than Barack Hussein Obama. As a Community Organizer, Obama sued a Chicago Bank to force them to make subprime loans. And he was given large campaign donations by Fannie Mae and Goldman Sachs, among others.
Save the sarcasm, this was a ridiculous case brought by a politically driven prosecutor who thought they could make their career on this.
A hedge fund loses its SOPHISTICATED INVESTORS money. Win some, lose some. It wasn’t the investors that complained about fraud.
Save the sarcasm, this was a ridiculous case brought by a politically driven prosecutor who thought they could make their career on this.
A hedge fund loses its SOPHISTICATED INVESTORS money. Win some, lose some. It wasn’t the investors that complained about fraud.
I tend to think these guys were not guilty. Goldman is far guiltier. They and their hedge fund short buddies like Soros, JC Flowers, John Paulson, D.E. Shaw probably worked together to take out Bear, Lehman, AIG et al to get you know who elected and for at least $50 billion in profits plus wiping out your competitors.
I can’t pass judgement either.
What I can say is that the government attorneys stood no chance against the big boys. This will apparently affect all of the government’s future cases.
More info:
http://money.cnn.com/2009/10/27/news/companies/bear_stearns_trial.fortune/?postversion=2009102810
The value of EVERYONE’S portfolios was OVERINFLATED.
THAT'S LOW!
Hope this redeems me...
Breanne Ashley
1994 : (AMR ELGINDY / ANTHONY ELGINDY / TONY PACIFIC WORKS FOR THE BROKERAGE FIRM BEAR STEARNS BRIEFLY BEFORE BEING FIRED ---- see FBI STOCK SCANDAL) He had worked briefly for Bear Stearns in 1994 and later lost a civil suit over his firing by that firm. (* My note: During his time working at Bear Stearns he was- fraudulently- taking disability checks from the insurance company MassMutual for being 'disabled due to 'emotional stress').- "Man of Many Faces Fights Federal Charges Of Fraud; Amr I. Elgindy Has Thrived On The Margins Of The Stock Market," by David Barboza and Alex Berenson, The New York Times, June 8, 2002, http://www.bayarea.com/mld/mercurynews/business/3427746.htm, via http://www.cooperativeresearch.net/timeline/2002/nyt060802.html
MAY 2002 MIDLATE : (SAN DIEGO : AMR IBRAHIM ELGINDY TRIAL) Official Charges Pre-knowledge...Furthermore, Dennison’s unsettling revelations come on the heels of assistant U.S. attorney Kenneth Breen accusing Amr Ibrahim Elgindy, an Egyptian-born stockbroker on trial in San Diego last week, of knowing in advance about 9-11 and capitalizing on insider information by attempting to unload $300,000 worth of shares on Sept. 10, 2001.
In court Breen charged that on the afternoon of Sept. 10, Elgindy contacted his broker at Salomon Smith Barney and asked him to sell the stock, confiding in the broker that the Dow Jones industrial average, which at the time stood at about 9,600, would soon dive to below 3,000.
After the federal prosecutor’s sensational charge, the media pressed the FBI on the issue, and senior law enforcement officials said that investigators had no hard evidence that Elgindy had advance information about the Sept. 11 attacks. (* No shock there- the evidence was the word of another broker- not a tape recording)
Additionally, the officials maintained that they had not found anyone who had prior knowledge of the attacks, conceding only that Elgindy’s attempt to sell the shares in his children’s trust accounts before Sept. 11 had raised questions that had not been fully answered.
Elgindy, his father and brother have been active supporters of Muslim causes. Ibrahim Elgindy, the father, founded a consortium of Muslim organizations in Chicago and spearheaded a 1998 protest on behalf of Muhammad A. Salah, whose assets were seized after U.S. investigators linked Salah to Palestine’s radical Hamas.
-- "Egyptians Knew of Planned 9-11 Attacks Last August, Says Banker," Dave Eberhart, NewsMax.com, Wednesday, May 29, 2002
Not Guilty... er, FOUND not guilty!
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