BANZAI7 NEWS--Two former Bear Stearns hedge fund managers were found not guilty on fraud and conspiracy charges in the first criminal trial of Wall Street executives to emerge out of the collapse of the subprime mortgage market. Ralph Cioffi and Matthew Tannin were accused of misleading investors in the months leading up to their funds' collapse.
The truth is that these two fall guys for the rest of the consumer finance industrial complex, which will go largely unpunished. Their revealing emails will hopefully lead to civil liability, which involves a lesser burden of proof.
"If robbery is only committed on a scale sufficiently grand and colossal, the majesty of the law is appalled; if a few smooth Wall Street gentlemen defraud the public out of their honestly acquired wealth and take it by score of millions, Justice stands by paralyzed and helpless in the presence of a crime of such stupendous proportions as to be outside the scope of the law--but with what heavy hands she lays hold of the man who steals a chicken!"
FRANKLIN KEYES ESQ. 1901