Bear Stearns trial wraps up

In some ways, the trial of Ralph Cioffi, 53 and Matthew Tannin, 48, is all about email. That's what it boiled down to as the high-profile trial wrapped up last week. Prosecutor say the Bear Stearns hedge fund managers told "black and white lies" about the funds in the first half of 2007, knowing deep down that market conditions were bad.

But lawyers for the two defendants say you can only make so much out angst-ridden emails. You can bet the outcome is being closely watched by other prosecutors pondering trials of other financial services players. Will email alone be enough for a jury to convict? Were defense lawyers able to defuse them by putting them in a certain context? A lot is riding on the outcome. Not only for other potential cases, but for Cioffi and Tannin. They are facing up to 20 years behind bars. The jury will begin deliberations Monday.  

For more:
- here's a Reuters article
- here's a New York Times article

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