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.
:: :: ::
Photo © Jin Lee/Bloomberg
