EI President Jonathan Walker was one of the only three witnesses called by the defense at the federal criminal trial of two former Bear Stearns hedge fund managers accused of fraud and insider trading. This was the first trial stemming from federal investigations related to the collapse of the subprime mortgage market and the ensuing global financial crisis. Dr. Walker testified regarding the hedge funds’ operations, in particular liquidity, historical cash inflows and historical outflows around the time of the alleged fraud. On November 10, 2009 after approximately six hours of deliberation, a jury acquitted both managers of all charges. The case is United States of America against Ralph Cioffi and Matthew Tannin, 08-CR-00415, U.S. District Court, Eastern District of New York (Brooklyn).