The allegedly scandalous email that was leaked yesterday might actually be perfectly innocuous. (Investors often react one way upon first seeing incoming news and, after considering it more deeply, change their minds).
More worrisome for the Bear Stearns defendants are the statements they made to investors and prospective investors as their concerns about the funds’ liquidity mounted. Also a problem are allegations that they lied about how much of their own money they had in their funds.
You be the judge!
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