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Un-Jailed Americans Part II


Ralph Cioffi and Matthew Tannin - Bear Stearns

The credit for these Americans' Un-jailed status belongs to the jurors of Brooklyn's Federal Court.  

Cioffi and Tannin ran two huge Bear Stearns (B.S.) hedge funds that were heavy into toxic subprime mortgages.  When they knew the funds were doomed, they moved millions of their own personal money out, even as they lied to investors, hid their concerns and told everyone that everything was going great.  Juuuuust great.

Sure, the deception of Cioffi and Tannin - aka The B.S. Twins - cost 300 investors about $1.6 billion, nearly caused the collapse of B.S., and inspired the U.S. government to prosecute them for conspiracy, fraud, and insider trading, but several confused and uninformed jurors would not convict.  

They couldn't fool all of the people all of the time, but they only needed to fool some of the people  - those too dumb to escape jury duty - some of the time.  Actually, they just had to fool them once.  That's why the B.S. Twins are not in jail.

P Magazine