Initiated proceedings against two former managers of Bear Stearns

In New York opened a case against two former managers at investment bank Bear Stearns on charges of fraud. Ralph Kiofi and Matthew Tannin, managed two hedge funds went bankrupt in June 2007 may receive sentences of 20 years in prison if found guilty. Both deny charges that they knew about the problems of funds, but failed to inform investors that have lost 1,4 billion dollars. Kiofi and tannins are among the top managers of financial institutions facing the court from the beginning of the crisis. Failure of both the fund was among the first signs of problems in the mortgage market, recalls the Air Force. Kiofi there against charges of abuse of inside information, which he also denies. Among the "weapons" against him are the two emails. In a letter to Tania, sent in March 2007, Kiofi writes that fears of more losses from bad mortgage market, than people have imagined. According to the documents the prosecution both have consistently maintained over the more senior management of Bear Stearns, the funds that are in good shape and can continue his successful work. Failure of two hedge fund itself preceded that of Bear Stearns in 2008 Later the bank was bought by JP Morgan. Kiofi names of Ralph and Matthew Tannin were included at the beginning of this year's analysis leads to the names of about 25 people a significant role in the crisis.