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Bear Stearns Fund Managers Acquitted

Two former Bear Stearns hedge-fund managers were acquitted Tuesday on charges of lying to investors. Ralph Cioffi and Matthew Tannin, who prosecutors say cleared out at least $1.4 billion of investors' money, became the poster boys for Wall Street corruption and the irresponsible money management that led to the global financial crisis. Cioffi raked in $17 million in bonuses in 2006, while Tannin took in $2.5 million. The two faced up to 20 years in prison, however a New York jury acquitted them based on a defense that they were victims themselves. Bear Stearns folded in 2007, an early casualty of the financial collapse.