How Obama Throws Loyalists Under the Bus by Lloyd Grove

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Louis Lanzano / AP Photo After two former Bear Stearns hedge-fund managers were acquitted of fraud charges last week, Charlie Gasparino says prosecutors are afraid to bring new cases. And that’s a good thing.

It usually doesn’t get much easier for the prosecution: a pair of millionaire fund managers working for the much-loathed investment bank Bear Stearns—the first firm to implode...