And so it begins: The first major trial that fell out of the Wall Street financial crisis that felled Bear Stearns and Lehman Brothers. Jury selection for the Matthew Tannin and Ralph Cioffi criminal trial is underway in Brooklyn, New York. Two prospective jurors were already dismissed for their anti-Wall Street bias. They have been charged with conspiracy and securities fraud--Cioffi was also charged with insider trading--and they chose to take their chances in front of a jury.

Fortune notes a pre-trial twist: Prosecutors, who recently received personal email from Tannin's Gmail account, have released a single email, and it is a doozy. He basically relates that he was depressed and on Lorazepam and Wellbutrin.

"Let me try and describe my mental state," Tannin wrote. "I was incredibly stressed. It is a strange thing to be sitting here now (albeit on Wellbutrin) and reflect back about the stress...Spreads are tight and credit is deteriorating. I was worried that this would all end badly and that I would have to look for work." The email makes it look like he was aware that there was big trouble in the funds. We shall see how the defense counters this. 

For more:
- here's the article

Related Articles:
Bear Stearns hedge fund trial to get underway
Ralph Cioffi and Matthew Tannin
Lessons from the Bear Stearns hedge fund fiasco?