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November 11, 2009 6:30 AM

Bear Stearns Ex-Managers Acquitted, Govt Loses First Bid to Punish Wall Street for Financial Crisis

Posted by Sammy Rose Saltzman
(AP / file)
NEW YORK - Two former Bear Stearns hedge-fund managers have been acquitted of lying to investors.

The case centered on the implosion of the subprime mortgage market, and is a government defeat in the first attempt to hold Wall Street criminally accountable for the housing market meltdown.

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Tags:
bear stearns ,
wall street ,
fraud ,
investors ,
lying ,
mortgage crisis ,
subprime mortgage ,
market ,
ralph cioffi ,
matthew tannin ,
jp morgan & chase co. ,
crimesider
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