Two former Bear Stearns hedge fund managers took the first "perp walk" of the credit crisis, as the FBI paraded them in front of the world's media to face charges of misleading investors and insider dealing.
Ralph Cioffi and Matthew Tannin were marched yesterday from the FBI's New York headquarters to appear before a judge in Brooklyn.
And prosecutors promised that these are just the most high profile arrests in their ongoing investigation of wrong-doing following the collapse of the mortgage markets. More than 400 people, mainly local brokers accused of foisting unsuitable mortgages on unsophisticated borrowers, have now been indicted, including 60 people on Wednesday alone.
Good for the FBI. I wonder why the financial wideboys in the UK never seem to be pursued by the authorities?
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