Admit it: You're bummed that the Bear Stearns fraud trial has ended in a flash of prosecutorial incompetence and 12 potential clients for Ralph Cioffi and Matthew Tannin. We are, too. But fear not, friends, there's an embarrassment of hedge...

The arrests and the hundreds of millions of dollars in potential losses notwithstanding, is the alleged fraud at German fund of hedge funds firm just a simple case of lost in translation? Or an accounting snafu? Cautioning against boldness, the...