Two bankrupt Bear Stearns hedge fund managers are being tried right now in a New York Court for defrauding their clients If convicted these two men could go to jail for a very long time. Watch this space as the trial unfolds.
Based on a few allegations reported by the press, what they did in managing hedge funds may have been a not-so-rare practice on Wall Street.
As I have pointed out in the past so far this trillion dollar bust on Wall Street has only netted a few "down market" individuals at Bear Stearns and Magdoff, the ponzi swindler. Not one single person on Wall Street's blue chip firms such as Goldman Sachs or Morgan Stanley has been touched. Is it really possible that crooks only worked for Bear Sterns? Not even at the near bankrupt Merrill saved by BoA has been hauled into court.
In fact, Goldman has emerged ever more powerful than before.
If you had followed my blogs, you might agree "something" does not smell right right under our collective nose.