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Former Bear Stearns Managers Face Criminal Charges: Timeline
Ralph Cioffi and Matthew Tannin, former Bear Stearns Cos. hedge fund managers, today became the first Wall Street executives to face criminal charges as a result of the subprime crisis.
Cioffi and Tannin were arrested at their homes by FBI agents and face securities fraud charges. The former executives ran two hedge funds whose collapse last year exposed the problems with subprime securities and triggered a credit-market rout that has so far led to almost $400 billion of losses in banks worldwide.
The following is a timeline of events leading to today's arrests:
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Cioffi and Tannin were arrested at their homes by FBI agents and face securities fraud charges. The former executives ran two hedge funds whose collapse last year exposed the problems with subprime securities and triggered a credit-market rout that has so far led to almost $400 billion of losses in banks worldwide.
The following is a timeline of events leading to today's arrests:
.
.
.