This is a BABELFISH TRANSLATION of an article in the italian LA REPUBBLICA, you know not precise, but gives you an idea. For sure better than a translation of mine.
"
Between arrested the two leaders To make happy Stearns, Ralph Ciotti and Matthew Tannin
They are accused of swindle, conspiracy and insider trading. To betray them the email exchanged
Mutual crises in the USA, 300 arrests
in throttles the manager of the swindle
The general viceprocuratore Filip: “We are determined to punish the swindles
in order to bring back stability and confidence in our real estate market and that one of the credit "
The general viceprocuratore Mark Filip
WASHINGTON - The crisis of the mutua subprime in the United States is in order to arrive in the classrooms of the courts. Hundreds of persons have been arrested yesterday in the course of an operation of the federal police USA. The civil employees of the Department to the Justice have rendered famous who beyond 400 persons are ended under accusation, and of these approximately 300 they have been imprisoned in various USA cities, between which Chicago, Dallas and Miami. In throttles also two former ones manager To make happy Stearns. Between the inquired ones there are operating of the financial market, real estate agents, lawyers and also persons who have obtained loans without to have of the credentials.
“The department of the Justice - it has explained the federal viceprocuratore Mark Filip in a press conference to Washington - is determined to carry to the light and to punish the swindles on the mutua, in order to contribute to bring back the stability and the confidence in our real estate market and that one of the credit”.
Surveyings of the Fbi and the department of the Justice on the swindle cases that have determined losses for a billion of dollars are begun first past March. The majority of the arrests has been completed yesterday. At the same time, as a result of surveyings of an other federal judge, of Brooklyn, they have been arrested two former ones manager To make happy Stearns, Ralph Ciotti and Matthew Tannin: they are accused of swindle, conspiracy and insider trading. The failure of deep speculative on which they had founded the fortune of their society, ignited the fuse of the crisis subprime.
On Ciotti and hung Tannin the accusation of scapito deceit to of the investor: from surveyings in fact it would be emerged that the two former ones manager were perfectly to the current of the bad one be of health of the deep ones, even if public asserted the contrary reassuring and at the same time tricking the investor. To nail Ciotti and Tannin it would be an email exchange, from which it emerged that both were to acquaintance of the difficulties of the deep ones. Nevertheless, although this, in the course of a conference call held some day after the shipment of the email, Ciotti, also declaring that the deep result of the speculative ones were in decrease, stated openly that not there were liquidity problems and that the pocketbook tito them solid era. The failure of the deep ones has cost to the investor 1,6 billions of dollars.
In illustrating the preliminary result of surveying and explaining the motivations to the base of the arrest of Ciotti and Tannin, the authorities have emphasized that “the arrests of the former ones manager To make happy Stearns supply the magnitudine and the grossolanità of their lead bad one. They have seriously violato the public confidence”, betraying the investor who regularly did not come puttinges to the current of the real course of own investments. The arrested lawyers of the two support on the contrary that their customers are victims of the crisis financial institution, and have operated correctly.
This of Bear Stearns would have to be single the first one of a long series of indictments tied to cases connected to the crisis of the mutua. Hanging surveyings are approximately 1400. The outbreak of the crisis has made to lose the house acquired with the mutuum to hundred of thousands of persons in the United States.
(19 june 2008)
"
Original Link:
http://www.repubblica.it/2008/06/sezioni/esteri/subprime-condanne/subprime-condanne/subprime-condanne.html
I wonder if the real reason for this mass arrest is to find in Christoper Story's Story. Who knows more?
gigi
