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
Riding a Black Unicorn Down the Side of an Erupting Volcano While Drinking from a Chalice Filled with the Laughter of Small Children is the title of a dark cabaret album by 'Voltaire'