Tag Heuer socialists
24 March 2017 19:49 (South Africa)

US loses the case against Bear Stearns hedge fund managers

Almost unbelievably, the near collapse of the financial system of the US (and world) has so far yielded charges against only two executives, Bear Stearns hedge fund managers, Matthew Tannin and Ralph Cioffi. They were accused of securities, wire and mail fraud, but were acquitted of all charges on Tuesday. The decision proves the extraordinary difficulty facing the prosecutors: proving that the fund managers stole, or illegally lost, the money while dealing with derivatives or collateralised loan obligations. Good news for the bad guys, bad news for the good guys. Read more: Deal Blog at the New York Times

Get overnight news and latest Daily Maverick articles

Do Not Miss

Daily Maverick has suspended comments on the site. Until the interwebs figures out a better way to deal with the naughty kids in the class, the space for your comments is on our Facebook page and the Twitterverse.

Alternatively, you are welcome to send a letter to the editor.