Ralph Cioffi and Matthew Tannin of Bear Stearns Not Guilty of Securities Fraud
Posted on | November 10, 2009 | No Comments
Ralph Cioffi and Matthew Tannin have been proven not guilty; the former Bear Stearns executives have been found not guilty on all counts of fraud. It was recently announced and the story is still developing but Charlie Gasparino of CNBC feels that the government had a very hard time proving that these hedge fund managers did anything that was much different from what every other CEO and hedge fund manager did prior to the subprime mortgage crisis.
There were many CEOs and executives that went on CNBC and other financial networks and made statements that there were no worries when it came to subprime loans. A few weeks and sometimes a few days later many of these companies were either bailed out or went bankrupt. How is anyone to single out Cioffi and Tannin when this was happening on a daily basis.
After the conclusion of this trial it looks as if most of the subprime mess is over. There are sure to be other stories that brew here and there but as far as mainstream news the subprime mortgage disaster is now behind us. We can only hope that banks, financial institutions and all Americans learned there lesson and history does not repeat itself.
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Author: Jesse Wojdylo
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