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Cioffi ‘Upset’ When Told Bear Wouldn’t Permit Florida Loan Lien

Bloomberg – The head of Bear Stearns Cos. hedge funds testified that Ralph Cioffi got “upset” when told the company wouldn’t authorize him to pledge his $6 million holdings in the funds he managed to secure a line of credit for a Florida condominium development.

Greg Quental, then global head of hedge funds at Bear Stearns and Cioffi’s supervisor, testified as a prosecution witness at the securities-fraud trial of Cioffi and another former Bear manager, Matthew Tannin.

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