Wall Street’s New Villain: Just Blame It on Goldman Sachs
August 6th, 2009
Matthew Goldstein submits:
Sometimes the best defense to a criminal charge is pointing to an even bigger villain. So maybe former Bear Stearns hedge fund manager Ralph Cioffi should look to blame his funds’ spectacular implosion two summers ago on the one Wall Street firm everyone loves to hate: Goldman Sachs (GS).
In two months’ time, Cioffi and his former co-manager, Matthew Tannin, are scheduled to go on trial in federal court on charges they lied to their investors about the financial health of the Bear funds.
