Prosecutors in Bear fund probe focus on email: report

LONDON (MarketWatch) — The indictments of two former Bear Stearns hedge fund managers will likely cite a personal email between the pair that said the funds were in trouble four days before the managers told investors there was little to worry about, according to a report in the Wall Street Journal. One manager, Matthew Tannin, emailed his colleague Ralph Cioffi suggesting they consider shutting the funds and adding he feared the market for the bond securities they invested in was “toast,” the newspaper reported. Federal prosecutors could announce the indictments as early as Thursday, the Journal said, citing people familiar with the matter.
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