Patricia Hurtado+David Scheer/Bloomberg:
Ex-Bear Stearns Fund Managers Arrested by FBI Agents (Update3)
Cioffi was a senior portfolio manager of the two funds that collapsed and Tannin served as his chief operating officer. The hedge funds invested almost all of their assets in subprime- mortgage-related securities. [Also see: Brian Baxter/AmLaw: Federal 'Frenzy' Surrounds Arrests of Former Bear Stearns Hedge Fund Managers].

Reminds me of Lou Gottlieb's bit about cowboy movies (from memory): There's no such thing as a bad cowboy, only a sick one. These boys decided to follow the socio path, which always leads to a bad end.
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Photo © Jin Lee/Bloomberg

Photo © Cory Driver/32n5w | | Via GlobalVoices
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And so castles made of sand slip into the sea, eventually. [Hendrix/'67]
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Yep.