WELLBUTRIN & LORAZAPAM: Bear Stearns’ Tannin Faces Charges

NOTE FROM Ann Blake-Tracy: For years I have said this was bound to
happen as a result of the widespread use of antidepressants. You CANNOT trigger
mania and hypomania is such a wide population without this kind of backlash – it
is impossible! Mania includes risk taking, wild spending, poor judgement, etc.,
etc. and we wonder why we find ourselves now in this financial dilemma?

For two decades this kind of behavior has been repeated over and over and
over again in family after individual family as they fall apart via
antidepressant-induced mania. It is a perfect formula for divorce coupled with
financial ruin. You cannot have this happen in so many individual families and
not have the same happen to the nation.

Utah led the way in antidepressant use and within 7 – 8 years it went
from the lowest divorce rate in the nation to over the national average and
became the bankruptcy capital of the nation.

What will it take for us to learn the lesson of the serious dangers of these
serotonergic medications? And when will we learn as a society to place the blame
for this entire nightmare where it belongs – squarely on the shoulders
of the pharmaceutical industry?!!!

_________________________________________

In words never intended for public consumption, Tannin wrote of his
worries about becoming dependant on an antidepressant, Wellbutrin, and a stress
medication, Lorazapan, to cope with concern about the performance of his
fund.
He expressed satisfaction at earning close to $2m (£1.3m) in a
year but alluded to a “religious crisis” and complained about “schlepping the
kids around from place to place” during a holiday in London.

As his confidence in his money-making panache began to falter, Tannin
pinpointed a meeting in 2006 when he realised that his Bear Stearns fund faced
potential trouble: “I had a wave of fear set over me – that the Fund couldn’t be
run in the way that I was ‘hoping’. And that it was going to subject investors
to ‘blow up risk’.”

Tannin and his boss, Ralph Cioffi, ran two funds
holding $1.4bn of clients’ funds that collapsed in July 2007, an event widely
viewed as the first clear signal of America’s sub-prime mortgage crisis and the
global credit crunch. The meltdown of these funds sparked a chain of events that contributed to the demise of Bear
Stearns
, an 85-year-old Wall Street institution, in early 2008. They
have been charged by US prosecutors with defrauding customers by hiding the true
condition of investments as prospects steadily darkened.

The first high-rolling financiers to face criminal
action arising from the financial crisis, Cioffi and Tannin have become
unwitting poster boys for perceived arrogance, recklessness and irresponsibility
on Wall Street.

Former Wall Street financiers face criminal action

Former Bear Stearns hedge fund manager
Matthew Tannin‘s private jottings show concerns about ‘blow up risk’ to
investors

Bear Stearns HQ

Former Bear Stearns hedge fund managers Matthew Tannin and
Ralph Cioffi ran two funds that collapsed in July 2007. Photograph:
Newscast

They are scribblings that may come back to haunt
Matthew Tannin. The former high-flying Bear
Stearns
hedge fund manager – who goes on trial for fraud in a New
York court this week – had a habit of recording his inner-most thoughts in
emails sent to himself on a private Google Mail account.

“I am going to use this to keep my diary,” he wrote. “I didn’t want to use my
work email any more.”

In words never intended for public consumption, Tannin wrote of his worries
about becoming dependant on an antidepressant, Wellbutrin, and a stress
medication, Lorazapan, to cope with concern about the performance of his fund.
He expressed satisfaction at earning close to $2m (£1.3m) in a year but alluded
to a “religious crisis” and complained about “schlepping the kids around from
place to place” during a holiday in London.

As his confidence in his money-making panache began to falter, Tannin
pinpointed a meeting in 2006 when he realised that his Bear Stearns fund faced
potential trouble: “I had a wave of fear set over me – that the Fund couldn’t be
run in the way that I was ‘hoping’. And that it was going to subject investors
to ‘blow up risk’.”

Tannin and his boss, Ralph Cioffi, ran two funds
holding $1.4bn of clients’ funds that collapsed in July 2007, an event widely
viewed as the first clear signal of America’s sub-prime mortgage crisis and the
global credit crunch. The meltdown of these funds sparked a chain of events that contributed to the demise of Bear

Stearns, an 85-year-old Wall Street institution, in early 2008. They
have been charged by US prosecutors with defrauding customers by hiding the true
condition of investments as prospects steadily darkened.

The first high-rolling financiers to face criminal
action arising from the financial crisis, Cioffi and Tannin have become
unwitting poster boys for perceived arrogance, recklessness and irresponsibility
on Wall Street. Frustrated at not seeing higher-ranking bank bosses clapped in
irons, the public and the US media are watching keenly.

“I do think there’s a desire on the part of the public to see people held
accountable,” said Barbara Roper, director of investment protection at the
Consumer Federation of America. “The trouble is that a lot of what brought down
the system was legal.”

According to the government, Tannin and Cioffi stuffed their funds with
dangerous mortgage-linked securities while marketing them as low-risk,
high-quality investments. Federal authorities obtained Tannin‘s deleted email
account by serving a subpoena on Google, forcing the company to search its
archives.

Prosecutors say the pair realised at an early stage that things were going
amiss, exchanging messages remarking that conditions had turned “pretty damn
ugly” and that the sub-prime market was “toast”. But they constantly reassured
customers that they were comfortable, that there were buying opportunities and
that there was no cause for alarm. Behind the scenes, the US government contends
that Cioffi’s private concern was such that he withdrew $2m of his own money,
reducing his own “skin in the game”.

The trial, which begins on Tuesday, is expected to last six weeks, with at
least 38 prosecution witnesses and 500 exhibits. Arrested in June last year,
Cioffi and Tannin have had 16 months to prepare their defence. Their lifestyles
have been widely scrutinised – New York magazine recently reported, in an
unsympathetic tone, that Cioffi had been obliged to sell his beachside retreat
in the Hamptons and two of his three Ferraris.

Legal experts say that it will be a tough case for the government to prove.
Few of the facts of what happened are in dispute. But prosecutors must convince
a jury of the defendants’ state of mind by producing evidence of intent to
defraud.

“The government will need every drop of evidence it has to prove intent,”
said Peter Henning, a white-collar law expert at Wayne State University in
Michigan. “These cases are circumstantial. It’s a string of inferences. It’s
about what they knew and when they knew it.”

They may be the first. But Cioffi and Tannin will by no means be the only
financiers to face criminal proceedings arising from the credit crunch. The FBI
has more than 580 corporate fraud investigations underway, of which at least 40
concern sub-prime mortgage lending.

“New York white-collar lawyers are doing quite well right now responding to
grand jury investigations and the threat of grand jury investigations,” said
Daniel Richman, a professor at Columbia Law School. “There’s a sense that quite
a few more are moving down the
pipe.”

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Lori White – Prozac for 2 1/2 years

Hi, my name is Lori White. I live in Sandy, Utah, and am a mother of 5 children, and grandmother of 7.

After being married for 12 years, I became a single mom for the next 9 years, during which time I had 4 teenagers at the same time. Depression runs in my family, and after a very difficult divorce, I found myself spending a lot of time in bed, especially when the children were in school. It was hard to cope with life, and I cried easily and found it difficult to stop crying.

Eventually I found a wonderful man and remarried, but every time there was a problem with one of the children, I would sink back into a depression. If I dropped the children off at school and one of them said, “Duh, Mom!” , I would shrink into myself, feel very incapable, and wonder what I had done to have my children hate me so much!

My doctor took pity on me, and put me on Prozac 8 years ago. When I was on the medication, I felt wonderful! I had NO problems!! And neither did anyone else! I was not affected by anyone else’s sad life or situations, and didn’t, couldn’t, cry.

After being on the medication for 6 years, I was introduced to a wonderful product, Classic, made by the Reliv company. After taking it for 6 months, I decided to go off the Prozac, which I did over a 3 week period. I found that I could cry again, could sympathize with others, and feel sad, but it didn’t last–I could stop crying, and I could feel happy again when I chose to.

I have been off Prozac now for 2 1/2 years, and just don’t have the cloud of gloom sitting on my shoulder that I had before going on it. When something sad or difficult happens in my life, it doesn’t bury me–I may cry, go to bed really feeling down, but when I wake up in the morning, I am fine–able to cope and put the problem in perspective.

Sincerely,
Lori

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Prozac Prescribed Immediately

“Within a few weeks (of taking Prozac), I began having nightmares of murdering people.”

Hi, I work shiftwork and I listen to Art Bell (for entertainment purposes only…ha ha) and I heard your interview with Barbara Simpson. I just wanted to write you and tell you my experience with Prozac.

About 8 years ago, I went to see a psychiatrist about my depression, and he immediately put me on Prozac, without saying five words to me. Within a few weeks, I began having nightmares of murdering people. They were so awful, I couldn’t sleep. I immediately went back to the doctor to tell him about my problem, and he said not to worry about it, it was COMPLETELY NORMAL ! !

I immediately stopped taking the drug and went to see a psychologist, instead. I have been depression free ever since, because of the therapy given to me by the psychologist. Oh, and by the way, the nightmares stopped immediately after I stopped taking the Prozac.

I guess the real reason I am writing is in response to the Andrea Yates trial in Houston. I don’t know her, but it was reported on the news that she was on four different anti-depressants at the same time. If this is true, it is no wonder she did what she did. It is her doctor and the drug companies that should be on trial for the murder of her children. Something has to be done about this and I hope you could use your knowledge of the subject to inform everyone about the dangers of these drugs. I have written all the local news agencies in Houston and sent them Links to your website and the drug awareness website.

Thanks, Gary

Gary Johnston gary_johnston@swbell.net

 

12/8/2001

This is Survivor Story number 33.
Total number of stories in current database is 34

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