THESE GUYS AREN'T KIDS

The two men who have been indicted aren't kids who abused the system, they came up through the system and were an integral part of it. As I've written before, the culture of corruption on Wall Street is deeply entrenched.

2 former Bear Stearns hedge fund managers charged
Jun 20, 12:00 AM (ET)

By TOM HAYS
NEW YORK (AP) - Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown.

"This is not about mismanagement of a hedge fund," Mark Mershon, head of the New York FBI office, told reporters. "It is about premeditated lies to investors and lenders."

Cioffi, 52, was arrested by FBI agents at his Tenafly, N.J., home Thursday morning, and Tannin, 46, was taken into custody outside his Upper West Side apartment building.