The US government's first major attempt to pin the downfall of the American economy on Wall Street financiers collapsed last night after Ralph Cioffi and Matthew Tannin, two former Bear Stearns hedge fund managers, were acquitted of fraud charges.
The men who managed a pair of highly leveraged, sub-prime-laden hedge funds until their $1.4bn (£840m) collapse in June 2007, were found not guilty on all nine counts by a jury at Brooklyn's federal courthouse.
The pair had been accused of misleading investors about the financial health of the two funds while privately admitting that they were in danger.
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The men who managed a pair of highly leveraged, sub-prime-laden hedge funds until their $1.4bn (£840m) collapse in June 2007, were found not guilty on all nine counts by a jury at Brooklyn's federal courthouse.
The pair had been accused of misleading investors about the financial health of the two funds while privately admitting that they were in danger.
More from Torygraph.
---
Would this have happened under Tories?
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