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Bear Stearns hedge funds
Bear Stearns hedge funds
Matthew Tannin is escorted to a waiting vehicle on June 19, the day he was arrested by the FBI.
"If we believe the [Bear Stearns internal report is] ANYWHERE CLOSE to accurate, I think we should close the funds now.... If [the report] is correct, then the entire subprime market is toast." -- Tannin in internal e-mail to Cioffi on April 22, 2007

"So from a structural point of view, from an asset point of view, from a surveillance point of view, we're very comfortable with exactly where we are." -- Tannin to investors on April 25, 2007

Time to Armageddon: Two months

After two funds collapsed, portfolio managers Ralph Cioffi and Matt Tannin were charged by Brooklyn federal prosecutors with securities fraud. They have pleaded not guilty.

NEXT: Bear Stearns parent
Last updated January 06 2009: 12:16 PM ET
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Wall Street: It's payback time
Wall Street: It's payback time
An angry mob of investors and taxpayers is assembling, and they want to see some executives' heads on pikes. The question for the courts will be, Who was just foolish with our money - and who was lying, cheating, and stealing? More
Three days that shook the world
Three days that shook the world
Exactly three months ago, the collapse of Lehman triggered a global financial panic. Fortune examines what happened in the 72 hours when the world's most powerful bankers met to try to save Lehman and wound up changing the face of Wall Street forever. More
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