The trial of former Bear Sterns hedge fund managers Ralph Cioffi and Matthew Tannin is the first to come from the subprime mortgage crisis. It began earlier this month in federal court. William D. Cohan gives us an update on the trial and its implications for other possible prosecutions stemming from the financial meltdown.

You can listen to William D. Cohan discuss Cioffi and Tannin’s role in the collapse of Bear Sterns here.