Jacob Zamansky’s opinion notwithstanding, you know the trial of Cioffi and Tannin is going badly when even the New York Times is stunned at how poorly the prosecution is doing. Ralph Cioffi and Matthew Tannin, of course, are the two Bear Stearns hedge fund managers accused of misleading investors ahead of the fund’s blow-up in 2007.
Here’s The Times’s brutal take:
It was not entirely clear what message Ilene Jaroslaw meant to send when she appeared in court on Thursday dressed from head-to-toe in funereal black. But based on how things have gone so far in the criminal trial of two former Bear Stearns hedge fund managers, Ms. Jaroslaw, a prosecutor in the case, could well have been in mourning.
Two weeks into the first major Wall Street prosecution after the financial crisis, the government’s case appears headed for an anticlimax.
A key problem: witnesses are undermining the so-called “smoking gun” emails, which the prosecution had claimed proved that Cioffi and Tannin had doubts about the fund’s health, while outwardly expressing confidence. And even the judge has gotten annoyed with the prosecution’s approach.
Read the whole thing. It’s ugly.
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