Ex-Bear Stearns managers arrested at their homes

[babylonsister]

Ex-Bear Stearns managers arrested at their homes

Ex-Bear Stearns managers, suspected of misleading investors, arrested at their homes

TOM HAYS
AP News

Jun 19, 2008 08:14 EST


Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.

Matthew Tannin was taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the FBI said.

Authorities in Brooklyn are expected to release details later Thursday on the case against the men, who are ex-managers of Bear Stearns Cos. hedge funds that collapsed last year.

A law enforcement official told The Associated Press that an indictment naming the men was the result of a yearlong federal securities fraud investigation.

The former executives are suspected of misleading investors about the risky subprime mortgage market, the official said, speaking on condition of anonymity because the outcome of the investigation is pending.

more...

http://talkingpointsmemo.com/news/2008/06/exbear_stearns_managers_arrest.php

[malaise]

1. When are they arresting Phil

Gramm.

[ben_meyers]

7. If you mean in reference to the Commodities deregulation

bill that he co-sponsored it will be at the same time as the other 200 congressmen that took Enron money and the idiot who actually signed the bill into law.

[malaise]

12. LOL

Not a bad idea :D

[roguevalley]

11. They perp walked them out of a downtown building for the press,

probably to get them to roll over.

[hobbit709]

2. Perp walk, perp walk!

Make them all do the perp walk.

[uponit7771]

3. K&R

[gratuitous]

4. They're arrested at their (presumably) nice homes

And marched off to custody because their market machinations turned a bunch of people out on the street? Well, no. They're being charged because they misled the big money boys, who aren't supposed to be snookered. And the cops come out and lead you away in handcuffs when you do that. But if you make a big pile of money doing ordinary people out of a few thousand each and leave them with overpriced properties that they can't live in, well, you're providing assets for the big money bottom feeders to snarf up, and you live in comfort and luxury the rest of your days.

They just ripped off the wrong dudes, is all.

[Leopolds Ghost]

13. Yep. They only arrest the ones who interfere with the big money mafia.

It's all part of a protection racket to keep the economic engine sucking dollars out of the US, thru New York into offshore accounts.

[ChairmanAgnostic]

5. wanna bet CNBC won't cover this? especially that screaming ass?

[malaise]

8. They'll probably be given a 20 year sentence, allowed to go home

for a while and 'commit suicide' en route to jail i.e. disappear like Samuel Israel.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLDntd56atfo&refer=home

[Fireweed247]

10. or maybe they will 'die' like Kenny boy

n/t

[tnlurker]

6. Did the SWAT team bust the door down

Like they would at my house if they were serving a warrant?

[tanyev]

9. Of course not.

I remember a case in Denton County where a prominent Republican lady refused to answer some of the questions on the jury questionnaire. The judge did send her to jail, and she turned herself in, but they let her go to the sheriff's personal office to do fingerprints and all the paperwork. Bail was posted, and she was able to leave in record time. None of that awful holding cell business with the toilet that has no door, doncha' know.

[knitter4democracy]

14. Here's my question: how did those two not know about this?

Standard procedure is for them to find out about it and turn themselves in quietly so as to have the upper hand on the story--they are innocent and look at how they're cooperating, etc. This way, it makes them look more guilty and makes me wonder if it was a surprise.