Day Two in the Bear Stearns Trial: ‘Worrying Is Not a Crime’

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A lawyer for Matthew Tannin — who along with fellow former Bear Stearns fund manager Ralph Cioffi is being tried for securities fraud in the wake of the collapse of two subprime-backed hedge funds two years ago — told the court today that her client was not being deceptive when he promoted the health of the funds to clients and then turned around and told colleagues the subprime-mortgage market was "toast." He was merely worried, she said, and "worrying is not a crime." Not YET, anyway. [WSJ]