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2 Former Bear Stearns Executives Arrested

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Plus2 Former Bear Stearns Executives Arrested2 Former Bear Stearns Executives ArrestedThe Associated Press2 former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market. (June 19)[Notes:ANCHOR VOICE] ((New York)) A white collar crime case in New York. Prosecutors say these two former Bear Stearns executives pretended to investors their billion-dollar hedge funds were doing well -- encouraging others to put money in the portfolios, saying they would be profitable, long-term investments. But meanwhile, the government alleges Ralph Cioffi and Matthew Tannin knew the funds were failing as the subprime mortgage market collapsed - pulling their own personal money out, while telling others to stay vested. ((Mark Mershon, FBI)) "This is not about mismanagement of a hedge fund investment strategy. It is not about reckless subprime lending practices. It is about premeditated lies to investors and lenders. It's about the defendants prostituting their client trust in order to salvage their personal wealth." But lawyers for the two men say their clients are being made scapegoats for the subprime meltdown. ((Ed Little, Defense Attorney)) "Perhaps this ought to be called Operation Malicious Prosecution. I'm not going to say that, I'll leave it to the jury. The only good news today is that there will be a trial in this case and hopefully at the end of the trial we'll get a jury verdict that says not only Ralph Cioffi is innocent that his reputation is restored." In Washington DC, the Department of Justice says Thursday's New York arrests are part of a nationwide investigation of bad securities and lending practices. ((Mark Filip, Department of Justice)) "'Operation Malicious Mortgage' and the Bear Stearns case demonstrate that the Department of Justice is determined to detect and to punish mortgage fraud and to help restore stability and confidence in our housing and credit markets." Soon after the two funds run by Cioffi and Tannin collapsed, Bear Stearns itself ultimately fell to the subprime crisis. The government had to step in to save the financial firm, and it was taken over by JP MorganChase. Ted Shaffrey, The Associated Press, New York

Channel: News & Politics
Uploaded: June 19, 2008 at 6:07 pm
Author: AssociatedPress

Length: 0:02:05
Rating: 4.38
Views: 3,201

Tags: bear stearns investigation former executives arrested

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Video Comments:
fraudbuster1 (Sunday 6th of July 2008 05:11:32 PM)
When is the notorious Emerald Mortgage Corp (of California) and its broker/owner Markus Shepherd getting indicated? I know that the California Department of Real Estate and the California Department of Corporations has recently nailed them, and there are also about 15 civil suits in various stages. I guess the FBI is slower than the state and civil system...
PanzerBlitz43 (Saturday 21st of June 2008 11:51:08 AM)
And right at the top of this criminal pyramid is the malicious monkey in the White House. He and his serial killer buddies will all be frog marched into a maximum security cell. Bush Cheney and the rest of his criminal gang will be lucky to escape capital punishment.
2resist (Saturday 21st of June 2008 02:20:52 PM)
That is not even close to the top.
Repomex01 (Friday 20th of June 2008 09:47:26 PM)
CEO of Wamu WAch etc etc ???????????????????? Remember tony montanas crooked cop "we tell ya who is moving against ya??
2resist (Friday 20th of June 2008 07:52:10 PM)
You are all falling for lies. The Federal Reserve is partly owned by JP Morgan. The Federal Reserve gave JP Morgan money to purchase Bear Stearns. So in the end, The Federal Rererve owns Bear Stearns. The Federal Reserve prints your money out of thin air. It is NOT a government agency. High Inflation is being caused by them everytime they lower the rates and now they are afraid to raise them. When you got your rebate check it helped cause high inflation. The men you see are scapegoats.
urbanandra (Friday 20th of June 2008 11:36:17 AM)
aha ahahahaha hahahahahaha hahah lol rofl omg wtf ahahahahahahaha asswipes.
vipeream (Friday 20th of June 2008 11:05:15 AM)
why do they have fat people handcuffs? Just another example of white collar babying by the judicial system.
garyowen4ever (Friday 20th of June 2008 04:14:27 AM)
CRUCIFY THEM!
tanyaradic (Thursday 19th of June 2008 09:25:17 PM)
The fox is in charge of the hen house. People should be afraid of Rich White Men... not the majority of Black men locked in prisons.
tracie1964 (Thursday 19th of June 2008 08:19:42 PM)
sociopathic cowards. To fake a suicide. rot in hell.

 

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