Acquitted Bear Stearns Guys Maybe Starting A New Hedge Fund!

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They haven't said anything yet but I think it's pretty obvious it's coming. Yesterday, when the dream team in charge of the two ridiculously named Bear Stearns funds--High Grade Structured Credit Strategies Fund and High Grade Structured Credit Strategies Enhanced Leverage Fund-- emerged from a Brooklyn courthouse, Matthew Tannin had the shit-eating grin pictured at left on his face. He was happy, of course, that he and his co-conspirator, Ralph Cioffi had gotten off counts of conspiracy, securities and wire fraud, and dodged 20 years each in the big house. Because honestly, even MT didn't see that coming (you read the e-mails). But mostly, he was psyched to learn that his career as a money manager is not over. People aren't planning on holding this (apparently baseless) duping of investors stuff against him and his colleague and in fact? Some are pretty impressed with how the dream team conducted their business.

Aram Hong, a juror from Woodside, Queens, said the exchanges between Cioffi and Tannin shown to the jury proved to her that the two men were working "24-7" to save the funds in the months before they collapsed. She noted a defense exhibit that showed the fund managers were working at 4 a.m.

"If this was really a fraud case, they wouldn't have worked that hard," said Hong, 27, a food and beverage director at the Iroquois Hotel in midtown Manhattan, adding that she would invest with the two men if she had the money.

Unfortunately, Hong is strapped for cash at the moment. But what we're thinking is that, as a show of good thanks, Tannin and Cioffi should lower their minimum investment ($50 million with a 10 year lockup) for the jurors who let them off (throw in the prosecution as well cause, this was a team effort). It'd be a nice show of thanks, and the SEC would love it.

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