Fortune weighs in on the indictments of Ralph Cioffi and Matthew Tannin, who ran those two infamous Bear Stearns hedge funds, with an interesting piece that raises the issue of accountability. The two men apparently were operating with a high degree of freedom that surprised some. The failure of oversight now is pretty obvious. Fortune suggests that the same paltry oversight by management was evident when it came to the larger crisis of confidence that engulfed the whole company. "In both instances, the firm's management failed to act quickly enough to keep big problems from ballooning out of control." Regarding hedge funds anyway, the game has changed a bit. Investors are taking a more aggressive approach to ensuring how risk is monitored and the like. If Cioffi and Tannin takes this to trial, it will be fascinating. A lot of dirty laundry may get aired.  

For more:
- here's the article

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