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HomeBear Stearns: R.I.P
Posted by Larry Doyle on January 8th, 2010 12:09 PM |
As of today, Bear Stearns is no longer.
What? I bet you’re thinking Bear was taken over by JP Morgan in spring 2008 and ceased to exist when the takeover was approved a few months later. You’d be right. I am right also. How so?
As with many mergers and takeovers, the name of the acquired firm continues to be utilized within certain divisions. That is exactly the case with Bear Stearns, as those two storied names continued to be utilized in the Private Client Services unit at JP Morgan. Until today. (more…)
My Thoughts on the Bear Stearns Hedge Fund Case
Posted by Larry Doyle on November 11th, 2009 10:26 AM |
Ralph Cioffi and Matthew Tannin
Does yesterday’s verdict in the Bear Stearns hedge fund case establish a precedent that precludes likely guilty verdicts in other financial fraud cases? Let’s hope not.
I did not sit in on this trial, so I am not about to weigh in on the verdict. Consensus opinion from those who did sit in on the trial seems to agree that the prosecution presented a very weak case. Additionally, the prosecution was challenged from the standpoint of not being able to admit selected and seemingly incriminating e-mails as evidence.
The not guilty verdict in this specific case does not preclude Cioffi and Tannin from facing other charges. What was the key to this case? The Wall Street Journal sheds light on this case and verdict in writing, U.S. Loses Bear Fraud Case:
The acquittals are a setback for the U.S. attorney’s office in Brooklyn, N.Y., which along with several other offices is investigating Wall Street for possible criminal wrongdoing stemming from the credit crisis, including at Lehman Brothers Holdings Inc. and American International Group Inc. In Tuesday’s case, the question boiled down to this: Were the two men misleading investors, or simply putting a positive spin on sagging returns? (more…)
