White collar perp walk time: WNBC is reporting that the FBI arrested former Bear Stearns hedge fund managers Ralph Cioffi Jr. and Matthew Tannin this morning. Why? Because they allegedly reassured investors the hedge fund was a-okay "before the funds lost more than $1.5 billion in value." The WSJ's Law Blog breaks it down: On April 22, 2007, Tannin emailed Cioffi, fearing "the market for complex bond securities was 'toast.'" Then "Cioffi and a......