Prosecutors think they just drew a bad jury in the case against the two former Bear Stearns hedge fund managers that resulted in acquittal yesterday.
The case was the only major criminal prosecution to arise from the financial crisis. The acquittal was immediately read as a rebuke of the prosecution, which many observers thought was mishandled.
But some inside the US attorney’s office think the case was handled perfectly well. The real problem was that the jury just never understood the case. In interviews with jurors after the case, the prosecutors learned that the jury seemed unaware that they had presented clear evidence of certain facts.
“It is frustrating to lose a case not because the jury disagrees with you evidence but because they just aren’t able to follow anything,” one person familiar with the thinking in the office said.
Others inside the office are less frustrated. They acknowledge that it is always possible to lose a case.
“In the Southern District they can’t even convict a Gotti,” one prosecutor said.