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FBI agents keep hold of a handcuffed Matthew Tannin, the former Bear Stearns hedge fund manager, yesterday

FBI agents keep hold of a handcuffed Matthew Tannin, the former

Bear Stearns hedge fund manager, yesterday



A facelift for Bear Stearns: "Character & Strength" it sez..

http://www.bearstearns.com/index.htm

Submitted by
Ed Cage
1804 Cross Bend, Plano Texas
(972) 596-4363
ecagetx@gmail.com


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Jake Zamansky's Blog

_________________________________________________________________

Cioffi and Tannin's Indictment: Good News for Investors

 

Posted: 19 Jun 2008 05:25 PM CDT

Ralph Cioffi and Mathew Tannin, the former managers of the Bear

Stearns' hedge funds that collapsed last year, were indicted today.

The SEC also filed civil charges today as well. I appeared on CNBC

this afternoon to discuss whether the evidence will be enough to

show "intent" and whether criminal charges were warranted. The

answer is a resounding yes to both questions, especially given

Tannin's "smoking gun" email from his personal account to Cioffi's

wife's email account where he frets over the funds future

performance just days before making upbeat comments to

investors. Cioffi's withdrawal of $2 million from the funds before

the collapse appears to provide evidence of his "intent".

 

The criminal and SEC developments could bode well for investors

seeking recovery of losses through the arbitration process. Tannin

and Cioffi will be called to testify in arbitration hearings before

their criminal trials take place and likely will exercise their Fifth

Amendment rights against self incrimination. Attorneys can ask

the arbitration panel to take what's called an "adverse inference",

which means panelists can assume that if the defendants

answered the questions, rather than pleading the Fifth, the

answers would have adversely affected their interest.

 

It should be noted that JP Morgan has put aside billions of dollars

for litigation costs when it acquired Bear Stearns.”

- - - - - - OFF - - - - - -

 

With respect to the money JPMorgan set aside for litigation it was originally $6B.

However I did put together a detailed list of fraudulent activity by Bear and EMC

and more specifically arch mortgage fraud criminal Greg Fedler of EMC Mortgage.

Which I sent to JPMorgan Chase CEO Jamie Dimon.  

 

      I was both amazed and delighted to receive a personal letter from CEO Dimon

in which he thanked me for my input on Bear/EMC/Greg Fedler and their end game

tactics of simply telling those with problems to “Sue us” in an effort to clear their

desks while leaving JPMorgan Chase a quagmire of extra litigation and endless

loose ends.

 

     I have no official confirmation of this, but based on CEO Jamie Dimon’s

personal letter to me assuring me they would make a thorough examination of my

allegations I believe that Dimon and JPMorgan Chase may have ratcheted up

their original $6B demand from Bear Stearns for litigation coverage. Indeed the

last figure quoted of $10 per share ultimately turned out to be “0.21753 a share for

each Bear share. Based on JPMorgan's current market price of $43, that bid

valued Bear at $9.35 a share, well below the $57 those shares sold for before

traders began their run on Bear.”   

 

Submitted by

Ed Cage

1804 Cross Bend, Plano Texas

(972) 596-4363

ecagetx@gmail.com

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