© 2023 WVIK
Listen at 90.3 FM and 98.3 FM in the Quad Cities, 95.9 FM in Dubuque, or on the WVIK app!
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Ex-Bear Stearns Financiers May Face More Charges

A week after two hedge fund managers were arrested in connection with the subprime mortgage meltdown, federal prosecutors may add to the indictments against the former Bear Stearns financiers.

Ralph Cioffi and Matthew Tannin pleaded not guilty to charges of misleading investors by painting a rosy picture of the fund while privately fearing its collapse.

Now investigators are trying to determine whether the men also misled the banks that invested in and backed their fund. Those banks include Merrill Lynch, Barclays and Bank of America.

Copyright 2023 NPR. To see more, visit https://www.npr.org.