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We enter the era of reverse globalization5 higher than the consensus of analysts 3Suddenly the operators took their profit879 million euros for the 2007 fiscal yearIt would indicate that this is a shared project What weighs heavy in the calculation it is foodFor the class client Affairs its share rose from 34 in 1996 to 9 in 2007An ethical dimensionThe second reason is more directlyBut no date is advanced for their publicationOfficials are shattered by the reform of the StateThe selection began yesterday at the Court of Brooklyn and find impartial jurors in New York may be a task complicated for the first trial the criminal of the financial crisis. Ralph Cioffi and Matthew Tannin, who each managed a hedge fund on behalf of Bear Stearns, were arrested in June 2008 in their homes after the collapse of their funds at a cost of $ 1.4 billion. They are accused of fraud and conspiracy to have hidden their customers the seriousness of the situation of their investment vehicles based on products related to the "sub-prime", while encouraging them to invest. Ralph Cioffi is also accused of insider trading because it would have removed $ 2 million of his own money to place it elsewhere. The two men face a maximum sentence of 20 years in prison for fraud, Ralph Cioffi risking an additional sentence of 20 years for the Insider. With another Manager, Raymond McGarrigal, they are also pursued civil by several of their former clients, including Bank of America. The two accused deny having behaved badly.
This trial will retain attention more than a title. It should show how the investors in the spring of 2007 were informed while preparing a huge liquidity crisis. Much of electronic charge relates to email Exchange sur des de l' sur des de l' sur des essentiel de l' sur des de l' sur des de l' sur des essentiel de l' sur des sur des de l' sur des de l' sur des essentiel de l' de l' sur des de l' sur des essentiel de l' de the de l' sur des de l' sur des essentiel de l' sur des de l' sur des essentiel de l' sur des sur des de l' sur des essentiel de l' de l' sur des essentiel de l' de l' de l' sur des essentiel de l' sur des essentiel de l' sur des sur des essentiel de l' vital de l' de l' is March 3, 2007, Ralph Cioffi and wrote to Matthew Tannin: "I fear that the loss of the"subprime"are far worse that what could be modelled."Four days later, speaking to another colleague: "I fear these markets." Matt said that they will collapse or this is the best opportunity to buy; I turn to the first assumption. "In April, it would take a reverse speech to customers, ensuring"that he felt very comfortable"with the situation and that he did not"place to think that it was a disaster. "Two months later, the two funds will be liquidated. This will be a blow for Bear Stearns, but the Bank did unscrew until several months later, in February 2008, prior to be bought at low prices by JPMorgan Chase after the intervention of the Treasury and the Federal Bank.
For counsel for the accused, the challenge will be to establish that it is in no case trial of Wall Street. In a second time, they will argue that it is normal that fund managers share their fears on the market, without seeking to disappoint. The trial will begin as soon as the selection of the jury will be completed and is expected to continue for five or six weeks.
