Bear Stearns duo arrested in hedge fund investigation

Two former Bear Stearns hedge fund managers face criminal charges related to their conduct last year as a pair of funds drowned in subprime-linked instruments. Ralph Cioffi and Matthew Tannin are the first on Wall Street to face criminal charges as a result of the subprime crisis that has erased $400 billion from bank ledgers worldwide. Their arrests come a year after Bear Stearns executives first acknowledged to investors that the two hedge funds were losing value.

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