06/28/2008 05:12 am ET Updated May 25, 2011

Cioffi, Tannin Hung Themselves On Email

In the spring of 2007, as the mortgage market came unglued, two Bear Stearns executives shared their growing fears in a series of e-mail messages to each other about the perilous condition of the giant hedge funds they oversaw.

"I'm fearful of these markets," one wrote.

The other said later, "Believe it or not -- I've been able to convince people to add more money." He concluded that "I think we should close the funds now."

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