Within days, the financial crisis will claim the first executives charged with fraud following events of the collapse.
Or, of course, they could just go home.
The trial of former Bear Stearns hedge fund executives is wrapping up in federal court in Brooklyn. Prosecutors spent three hours yesterday giving their closing remarks, The New York Times reports.
Ralph Cioffi and Matthew Tannin
NYT: “If you are trusted with other people’s money on Wall Street, you can’t defraud them,” an assistant United States attorney, Ilene Jaroslaw, told jurors in her closing remarks. The two men, Ralph Cioffi and Matthew Tannin, acted like “masters of the universe” and “thought the laws and rules applied to everyone else but them,” she added.
Jaroslaw also told the jurors it was a case of “black and white lies.”
The prosecution will continue its arguments today, and then the defence will make their final case to the jury. Cioffi sounds like he is ready for his attorney’s turn. “You can listen to the government call me a bum for three hours, and then my lawyers will get up and set the record straight,” he told a friend.
Cioffi and Tannin face more as much as 20 years in prison.
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