More Bear Stearns charges coming?

NPR reports that there could be new indictments against Ralph Cioffi and Matthew Tannin, the two Bear Stearns execs who have already been charged with misleading investors. The new charges reportedly would deal with the funds relationship with the banks that provided credit and various guarantees. NPR notes that prosecutors already have spoken with Barclays, Merrill Lynch and Bank of America. Barclays sued Bear Stearns, though I'm not sure where that stands. Clearly, the government would like to make an example of these two men. There are a lot of probes going on. My sense is we're more likely to see more states take action sooner. The feds will pick their cases carefully. Consider the case by Massachusetts regulators against UBS over its auction-rate securities sales practices.  

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