Last week, former Bear Stearns hedge fund manager Matthew Tannin found himself sitting in a Brooklyn jail cell, charged with defrauding investors in a collapsed hedge fund. The University of San Francisco law school graduate was quickly released on bail, of course. And friends say he's been pouring his energies into training for a triathlon.
But things are looking up! On Sunday, someone put his Bear Stearns business card up for auction on Ebay. After an initial price of just 99 cents, the card was quickly bid up to twenty dollars. The top bid is now $20.50. Bidding is set to close on Friday. The card lists Tannin's employer as "Bear Stearns High-Grade Structured Credit Strategies, LP"--the now infamously awkward name of the hedge fund he warned his boss, Ralph Cioffi, would collapse even as they continued to ensure investors of its health. Presumably Tannin's got loads of these things in his desk drawers, so perhaps by selectively releasing them he can raise money to cover part of his legal expenses.
Posted by guest , Jun 23, 2008 12:56PM
As I understand it, JP Morgan indemnified Bear Stearns for litigation expenses during the takeover. It was further reported last week that JP Morgan would fund the defense of Cioffi and Tannin, unless they were found guilty, at which time Cioffi and Tannin would have to reimburse JP Morgan.
Posted by guest , Jun 23, 2008 1:23PM
USF law school, classy
Posted by guest , Jun 23, 2008 1:30PM
Has anybody tried e-mailing Mr. Tannin?
mtannin@bear.com
Wonder if his Blackberry works in prison. Or wait, if somebody does e-mail him the feds are probably going to trace us back? why not write an incriminating e-mail to him... or a wish him best for the law-suit one.
Posted by guest , Jun 23, 2008 4:08PM
don't forget the christmas card
http://cgi.ebay.com/Ralph-Cioffi-Signed-Bear-Stearns-Hedge-Fund-Xmas-Card_W0QQitemZ260254195619QQihZ016QQcategoryZ219QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Posted by guest , Jun 25, 2008 8:23PM
The University of San Francisco is a top private university and business ethics is a major factor in their academic curriculum. Tannin is a University of San Francisco (USF) graduate; but does not represent a majority of alumni who make ethical business decisions everday.