"Wall Street 1, US 0." That was the headline after Ralph Cioffi and Matthew Tannin were acquitted of lying to investors about the state of subprime hedge funds at Bear Stearns.
Prosecutors tried to prove that emails between the two showed them panicking behind the scenes as they reassured the public. However, the jury decided that the emails had been taken out of context, even praising them for working so hard so save their funds. They decided that the losses of $1.6 billion resulted from poor judgment, but nothing illegal.
The trials likely aren't over, though; prosecutors are working on building cases against former bosses at Lehman Brothers and AIG, among others.
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