|
Former Bear Stearn Execs Not Guilty
Two former Bear Stearns executives were found not guilty Tuesday on fraud and conspiracy charges. Ralph Cioffi and Matthew Tanin were the first Wall Street executives to face criminal charges arising from the collapse of the subprime mortgage market.The verdict came relatively quickly. After seven hours of deliberations, Cioffi and Tannin looked at the jurors without much expression at first. But as the foreman repeated not guilty for each of the six charges they both finally broke into a smile. Their wives, and even some of their lawyers, immediately started to cry. Cioffi and Tannin didn't speak to reporters afterwards. But Cioffis lawyer said he was glad the jurors listened. And Tannin, in a written statement, said, quote, My family and I are eternally grateful. The U.S. attorneys office said it was disappointed with the outcome, but that it accepts the jurys verdict and that enforcing and protecting honesty and integrity in the financial markets will continue to be one of the offices main priorities. Posted by: Fred 2009-11-12 |
| http://www.rantburg.com/poparticle.php?ID=283143 |