CEO James Cayne

NEW YORK (Reuters) - The government's allegations of fraud against two former Bear Stearns hedge fund managers were built on "hindsight bias," including emails selected out of context, a defense lawyer told a jury in closing arguments on Friday at their trial in New York. Ralph Cioffi, 53 and Matthew Tannin, 48, have denied charges of securities fraud, wire fraud and conspiracy in a June 2008 indictment that made them the first high-profile Wall Streeters to be criminally charged in a case stemming from problems with subprime mortgage-backed securities in 2007 that fueled the market meltdown. "This is a case that is built on ... Read Full Story

NEW YORK (Reuters) - Former Bear Stearns hedge fund manager Matthew Tannin won a round during his trial in New York on fraud charges on Monday when a judge ruled the jury cannot see a personal email in which he wrote about his fears of a "blow up risk" for investors. Emails written by Tannin and his former boss at Bear Stearns Asset Management, Ralph Cioffi, are central to the prosecution's case against the two men -- the first high- profile Wall Streeters to be criminally charged stemming from problems with subprime mortgages and overall liquidity. <ID: nN15308745> Bear Stearns Cos was taken over ... Read Full Story

NEW YORK (Reuters) - Former Bear Stearns hedge fund manager Matthew Tannin won a round during his trial in New York on fraud charges on Monday when a judge ruled the jury cannot see a personal email in which he wrote about his fears of a "blow up risk" for investors. Emails written by Tannin and his former boss at Bear Stearns Asset Management, Ralph Cioffi, are central to the prosecution's case against the two men -- the first high- profile Wall Streeters to be criminally charged stemming from problems with subprime mortgages and overall liquidity. <ID: nN15308745> Bear Stearns Cos was taken over ... Read Full Story

Altria Group Inc. said Wednesday that cost-cutting and improved results from its cigar unit led its third-quarter profit to rise 2 percent, even though it sold fewer cigarettes. The Richmond-based seller of Marlboro cigarettes, Black & Mild cigars and Copenhagen and Skoal smokeless tobacco products earned $882 million, or 42 cents per share, compared with $867 million, or 42 cents per share, a year ago. Excluding costs related to its UST LLC acquisition and other items, profit was 48 cents per share. The performance bested the expectations of analysts surveyed by Thomson Reuters, whose estimates called for a profit of 46 cents per share. ... Read Full Story

Lockheed Martin Corp. said Tuesday that its third-quarter earnings rose amid a flurry of sales of military aircraft, including the C-130J transport plane and Joint Strike Fighter, and one commercial satellite delivery. But the nation's largest defense contractor warned that trend may not last as sales of fighter jets dwindle and pension costs rise next year. The Bethesda, Md., company, issued weak 2010 earnings guidance, as had been predicted by Wall Street in recent weeks. Lockheed, the first of the major defense contractors to report results, is bracing for restrained U.S. defense spending as the Obama administration cuts traditional weapons programs and puts more ... Read Full Story