In january fortis chief executive Jean-Paul Votron said that his Dutch bank wouldn't need to raise more money. Now he needs $13 billion. In April Lehman Brothers Chief Richard Fuld said that the worst of the credit crisis had passed. Two months later Lehman reported a $3 billion loss. Bear Stearns Chairman Alan (Ace) Greenberg dismissed concerns about Bear's liquidity as "totally ridiculous." We all know how that turned out.rnNow Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin have been arrested and charged with talking up the prospects of two Bear funds, all the while knowing that collapse was imminent. The government will ask a jury to find that they hid information from investors in order to buy time and raise more money for funds they had reason to believe would ultimately fail. The prosecutor will use e-mails between the two men to make the case.
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