I see from the wire services that the US district court, eastern district of New York, has set a trial date for two securities-fraud defendants who once worked for Bear Stearns: Ralph Cioffi and Matthew Tannin. Jury selection begins September 28, Cioffi and Tannin ran two hedge funds within Bear Stearns that made big bets on subprime mortgages.
The quick collapse of these funds in the summer of was one of the first claps of thunder in the storm that continues to this day.
So are Cioffi and Tannin mere scapegoats? They were wrong about the subprime market and those who invested in their ability to be right consequently lost a lot of money. Both men have pleaded not guilty. One question you might ask yourself: why is this case going to trial in the eastern district of New York?
Didn't Tannin and Cioffi work in Manhattan? I was hoping to in the meantime you might have been able to find the file and if you had, I would love to come by and get a fax copy of the document or the document itself. In any event, my number is [number redacted], if in fact you wanted to call me and leave me a message one way or another.
If I don't hear from you I'll check in when I land. When a bank employee informed Cioffi that his original loan documents had not yet been located, Cioffi asked that the originals be sent by "Federal Express to his residence in Tenafly, New Jersey. In a September 22 letter to Judge Block, the U.
Attorney's office in Brooklyn wrote that "Cioffi's attempt to take possession of the original documents before Busey Bank could turn them over to the government, pursuant to a valid federal subpoena, is troubling and could have impeded the government's ability to obtain the original loan documents. Such conduct, depending on the defendant's motive, may be punishable as a felony under federal law. His travel was restricted to the continental United States and his passport was taken from him.
A review of Cioffi's "conditions of release," the government wrote "in light of this conduct is appropriate Cioffi's pledge of his interests in the Enhanced Fund as collateral for the Florida loan," his attorney wrote.
Cioffi to seek a copy of the bank records that vindicate him. So perhaps Mr. Cioffi was indeed playing Nancy Drew and trying to find records that will clear him. Only the trial will tell. In a September 22 letter to Judge Block, the U. Attorney's office in Brooklyn wrote that "Cioffi's attempt to take possession of the original documents before Busey Bank could turn them over to the government, pursuant to a valid federal subpoena, is troubling and could have impeded the government's ability to obtain the original loan documents.
Such conduct, depending on the defendant's motive, may be punishable as a felony under federal law. His travel was restricted to the continental United States and his passport was taken from him. A review of Cioffi's "conditions of release," the government wrote "in light of this conduct is appropriate Cioffi's pledge of his interests in the Enhanced Fund as collateral for the Florida loan," his attorney wrote. Cioffi to seek a copy of the bank records that vindicate him. So perhaps Mr. Cioffi was indeed playing Nancy Drew and trying to find records that will clear him.
Only the trial will tell. See all CNNMoney. By William D. Cohan , contributor. Ralph Cioffi center , former manager, along with Matthew Tannin not shown , of two failed Bear Stearns hedge funds. Quick Vote. When the Dow tops 10, When Wall Street nearly collapsed. Would panic prevail? That was the question gripping the world in the days surrounding the fall of Lehman Brothers on Sept. One year after that terrifying Monday, the people who struggled to cope with the financial crisis share what they were thinking as chaos broke out.
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