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The Chilling Effect Of The Bear Stearns Prosecution

Posted on June 24, 2008

At the heart of the indictment of former Bear Stearns hedge fund managers Matthew Tannin and Ralph Cioffi is an email exchange in which Tannin questioned the performance of the funds. Federal prosecutors are treating those those emails as the smoking gun in the case against them, saying the men privately knew the funds were in trouble while they publicly reassured investors that the funds were healthy. At least one former prosecutors has described the email exchange between the two men as dumbfounding. Of course, the exchange could also be read as exculpatory. As far as we can tell, the emai...

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