{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Two ex Bear Stearns managers arrested, mortgage fraud, pressers' data-url='/boclips/videos/5c54bec2d8eafeecae13e1ed' data-video-url='/boclips/videos/5c54bec2d8eafeecae13e1ed' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nTwo ex Bear Stearns managers arrested, mortgage fraud, pressers\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFILE: New York - 17 March 20081. Wide of entrance to Bear Stearns building2. Close-up of Bear Stearns logoNew York - 19 June 2008 3. Pan of former Bear Stearns executive Ralph Cioffi, walking handcuffed with law enforcement officials4....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFILE: New York - 17 March 2008\u003cbr/\u003e1. Wide of entrance to Bear Stearns building\u003cbr/\u003e2. Close-up of Bear Stearns logo\u003cbr/\u003eNew York - 19 June 2008 \u003cbr/\u003e3. Pan of former Bear Stearns executive Ralph Cioffi, walking handcuffed with law enforcement officials\u003cbr/\u003e4. Tracking shot of former Bear Stearns executive Matthew Tannin, walking handcuffed with law enforcement officials\u003cbr/\u003e5. Mid of Tannin being put into car\u003cbr/\u003eFILE: New York - 17 March 2008\u003cbr/\u003e6. Exterior of Bear Stearns entrance, zoom in to logo\u003cbr/\u003e7. Close of logo on entrance door\u003cbr/\u003eBrooklyn, New York, 19 June 2008\u003cbr/\u003e8. Wide of officials from Federal Bureau of Investigation and US District Attorney General for the Eastern District of New York offices\u003cbr/\u003e9. SOUNDBITE: (English) Mark Mershon, Assistant Director-in-Charge, New York Federal Bureau of Investigation office:\u003cbr/\u003e\"This is not about mismanagement of a hedge fund investment strategy. It is not about wreckless subprime lending practices. It is about premeditated lies to investors and lenders. It's about the defendants prostituting their client trust in order to salvage their personal wealth.\"\u003cbr/\u003eFILE: Date and Location unknown\u003cbr/\u003e10. Wide shot homes with sign in foreground, reading (English): \"Real Estate Auction\"\u003cbr/\u003e11. Man putting up real estate sign on lawn\u003cbr/\u003e12. Close-up real estate sign, reading (English): \"Reduced Price\" \u003cbr/\u003eDepartment of Justice - Washington, DC - 19 June 2008\u003cbr/\u003e13. Wide of  Deputy US Attorney General Mark R. Filip, speaking at podium\u003cbr/\u003e14. SOUNDBITE: (English) Mark R. Filip, Deputy U.S. Attorney General:\u003cbr/\u003e\"'Operation Malicious Mortgage' and the Bear Stearns case demonstrate that the Department of Justice is determined to detect and to punish mortgage fraud and to help restore stability and confidence in our housing and credit markets. The cases announced today represent the ongoing enforcement work of federal investigators and prosecutors from across the country who are working with more than 40 task forces.\"\u003cbr/\u003eWashington, DC - 19 June 2008\u003cbr/\u003e15. Wide of news  conference \u003cbr/\u003e16. SOUNDBITE: (English) Henry Paulson, US Secretary of the Treasury:\u003cbr/\u003e\"Whether it was long-term capital management in 1998, or Bear Stearns this year, our nation has come to expect the Federal Reserve to step in to avert events that pose unacceptable systemic risk. But as we noted in a blueprint, the Fed has neither the clear statutory authority nor the mandate to anticipate and deal with risk across our entire financial system.\"\u003cbr/\u003e17. Medium pan of people listening\u003cbr/\u003e18. SOUNDBITE: (English) Henry Paulson, US Secretary of the Treasury:\u003cbr/\u003e\"The market turmoil last summer and particularly the failure of Bear Stearns in March has underscored the need for an overhaul. The headline question, when considering the ideal regulatory structure, is how to strike the right balance between two principles - market discipline and market oversight.\"\u003cbr/\u003eFILE: New York - 17 March 2008\u003cbr/\u003e19. Pull-out from Bear Stearns logo \u003cbr/\u003eTwo former Bear Stearns managers were arrested on Thursday over charges linked to the failure of a hedge fund that bet heavily on subprime mortgages before the market collapsed, federal authorities said.\u003cbr/\u003eMatthew Tannin was initially taken into custody outside his New Jersey home on Thursday morning and Ralph Cioffi was arrested at his New York City home, the Federal Bureau of Investigation (FBI) said.\u003cbr/\u003eAP Television footage showed Tannin and Cioffi being escorted by law enforcement officials out of a downtown federal building in New York later on Thursday. \u003cbr/\u003eThey became the first executives to be charged criminally in the wake of the sub-prime market debacle.\u003cbr/\u003eMark Mershon, Assistant Director-in-Charge at the New York Federal Bureau of Investigation office strongly condemned the practices of the two executives.\u003cbr/\u003e\"This is not about mismanagement of a hedge fund investment strategy. It is not about wreckless subprime lending practices. It is about premeditated lies to investors and lenders. It's about the defendants prostituting their client trust in order to salvage their personal wealth,\" he said at a news conference in Brooklyn, New York.\u003cbr/\u003eMark R. Filip, Deputy U.S. Attorney General, said the indictment of the Bear Stearns executives show that the US Department of Justice \"is determined to detect and to punish mortgage fraud and to help restore stability and confidence in our housing and credit markets.\"\u003cbr/\u003e\"The cases announced today represent the ongoing enforcement work of federal investigators and prosecutors from across the country who are working with more than 40 task forces,\" Filip told reporters at a news conference in Washington DC before the court proceedings where the indictment against the two executives was unsealed.\u003cbr/\u003eSince the beginning of March, 406 people have been arrested in the sting dubbed 'Operation Malicious Mortgage' resulting from 144 cases across America in a Justice Department crackdown on incidents of US mortgage fraud that stem from America's housing crisis. \u003cbr/\u003eSixty people were arrested on Wednesday alone, including in Chicago, Miami, Houston and a dozen other regions policed by the FBI.\u003cbr/\u003eLaw enforcement officials said their stepped-up focus on mortgage cases aims to combat problems that have grown out of the risky lending practices prevalent until the mortgage market collapse started last year.\u003cbr/\u003eThe FBI put the losses to homeowners and other borrowers who were victims in the schemes at over 1 (b) billion US dollars.\u003cbr/\u003eUS Secretary of the Treasury Henry Paulson, speaking at a women's business association luncheon in Washington, DC, on Thursday, also made a reference to the near-collapse of Bear Stearns. \u003cbr/\u003eThe Federal Reserve moved in March - as Bear Stearns teetered on the brink of collapse - to provide 30 (b) billion to facilitate the sale of Bear Stearns to JP Morgan Chase \u0026amp; Co. and for the first time to begin lending money to other investment banks, something it has continued to do as it fights to calm financial markets in the wake of a severe credit crisis.\u003cbr/\u003e\"Whether it was long-term capital management in 1998, or Bear Stearns this year, our nation has come to expect the Federal Reserve to step in to avert events that pose unacceptable systemic risk. But as we noted in a blueprint, the Fed has neither the clear statutory authority nor the mandate to anticipate and deal with risk across our entire financial system,\" Paulson told his audience.\u003cbr/\u003ePaulson said there is urgent need for \"an overhaul.\"\u003cbr/\u003eOn March 31, Paulson released a blueprint that proposed the most sweeping overhaul of the US financial regulatory system since the stock market crash of 1929. \u003cbr/\u003eIt would change how the government regulates thousands of businesses, from the nation's biggest banks and investment houses to local insurance agents and mortgage brokers.\u003cbr/\u003eThe blueprint urged Congress to consider ways to expand the Fed's powers to oversee investment banks, but Paulson did not set out a time frame for when this should occur. \u003cbr/\u003ePaulson's blueprint proposes giving the Fed more power to protect the stability of the entire financial system, but under the plan the central bank would lose its authority to oversee day-to-day bank supervision, which would be transferred to a single bank regulatory agency, merging the powers of five current federal bank regulatory agencies.\u003cbr/\u003eDemocrats have complained Paulson's regulatory proposals don't go far enough to deal with abuses in mortgage lending while state officials have criticised what they see as an unwanted federal intrusion on their turf.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=348526\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=1319782\"\u003eCareer \u0026amp; Technical Education\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e1 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543650\"\u003eNews Clips\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdd\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2008\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003ebusiness, economy, north america, crime, new york, housing, new york city\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003earrests, hedge fund management, announce, law and order, district of columbia, trusts and fund management, u.s. federal bureau of investigation, financial crisis, jpmorgan chase \u0026amp; co, today, industry regulation, financial industry regulation, federal reserve system, investment banking and brokerage, nation, banking and credit regulation, bear stearns, intelligence agencies, deal, banking and credit, open, financial markets, investment management, central banking, government business and finance, government regulations, ralph cioffi, criminal investigations, henry m. paulson jr., u.s. department of justice, fraud and false statements, government and politics, united states, financial services, united states government, industries, general news\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='educator-ratings-heading' class='rp-info-section'\u003e\n\u003ch2 class='title sr-only' id='educator-ratings-heading'\u003eEducator Ratings\u003c/h2\u003e\n\u003cdiv id=\"educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"all-educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"educator-rating-form-root\"\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-resource'\u003e\n\u003cdiv aria-label='Show resource details' class='rp-show-info' role='button' tabindex='0'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\nShow resource details\n\u003c/div\u003e\n\u003cdiv aria-label='Video player' class='player' id='player-wrapper' role='region'\u003e\n\u003cdiv class='relative container mx-auto' id='lp-boclips-visitor-thumbnail'\u003e\n\u003ca class=\"block\" data-html=\"true\" data-placement=\"bottom\" data-trigger=\"click\" data-content=\"\u003cdiv class=\u0026quot;text-center py-2\u0026quot;\u003e\u003ca class=\u0026quot;bold\u0026quot; href=\u0026quot;/auth/users/sign_in\u0026quot;\u003eSign in\u003c/a\u003e or \u003ca class=\u0026quot;bold text-danger\u0026quot; data-posthog-event=\u0026quot;Signup: LP Signup Activity\u0026quot; data-posthog-location=\u0026quot;body_link_boclips\u0026quot; data-remote=\u0026quot;true\u0026quot; href=\u0026quot;/subscription/new\u0026quot;\u003eJoin Now\u003c/a\u003e\u003c/div\u003e\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Two ex Bear Stearns managers arrested, mortgage fraud, pressers\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"Two ex Bear Stearns managers arrested, mortgage fraud, pressers\" title=\"Two ex Bear Stearns managers arrested, mortgage fraud, pressers\" onError=\"handleImageNotLoadedError(this)\" data-default-image=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" data-src=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" width=\"315\" height=\"220\" src=\"data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs\" /\u003e\n\u003cspan aria-hidden='true' class='flex justify-center items-center bg-white rounded-full w-16 h-16 absolute top-1/2 left-1/2 -mt-8 -ml-8 cursor-pointer z-0 border-2 border-primary drop-shadow-md lp-boclips-thumbnail-playBtn'\u003e\n\u003ci class='fa-solid fa-play text-primary text-3xl ml-1 drop-shadow-xl'\u003e\u003c/i\u003e\n\u003c/span\u003e\n\u003c/a\u003e\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n"}