Busted: Bankers and The Global Economy

June 19, 2008

FBI Begins Kicking Booty in Banker Fraud

The Federal Bureau of Investigation isn’t wasting time. America needs some fall guys. Who better than lying and scheming financial salesmen? Finally, crooked bankers, financial gurus and investment brokers should be shaking in their boots. The FBI is on the stick and hasn’t been wasting much time. Obviously, the preponderance of evidence is huge or the government wouldn’t moving this quickly. Previously, the FBI stated that the first arrests could have taken two years or more.

The first criminal cases of the credit crunch are two former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin. The men allegedly misled investors in two funds that collapsed last summer on mortgage-backed securities.

Why fall guys you ask? The FBI will have to be up on their numbers (more…)

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