"Two former Bear Stearns managers have been arrested, federal authorities said Thursday, becoming the first executives to face criminal charges in the wake of the subprime market debacle.
Matthew Tannin was taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the FBI said.
The U.S. attorney's office in Brooklyn said it planned to announce conspiracy and fraud charges later Thursday."
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Ex-Bear Stearns managers arrested
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