The arrests of former Bear Stearns Cos. hedge fund managers Ralph Cioffi and Matthew Tannin last week show how Wall Street bankers may look out for themselves while hiding bad news from customers.
Cioffi, 52, and Tannin, 46, were charged by federal prosecutors with misleading investors about two hedge funds whose collapse last year helped ignite the subprime-mortgage crisis. A companion Securities and Exchange Commission civil suit accuses Cioffi of redeeming $2 million from the funds while Tannin mocked as ”silly” at least one investor who wanted to get out.
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