Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market.
Matthew Tannin was taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the FBI said.
Here we go! Sure reminds me of the whole Enron thing, only this scam has had an impact on a much larger audience.
Fasten your seatbelts, folks. It's going to be a bumpy ride.
They should have to pay back what they stole from people in addition to whatever prison sentence a jury decides to lay on them. Find them all and ensure that they never have a chance to do the same again.
Agreed!
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