Two former Bear Stearns hedge fund managers were found not guilty of fraud charges today. This is a victory of common sense. All the two asset managers --- Ralph R. Cioffi and Matthew M. Tannin whose mortgage-related funds blew up in 2007 --- did was debate potential outcomes. (Okay, Ciffi yanked some of his own money out of one of the funds.) Sure, after they debated via emails, they painted a rosy forecast even as the funds' values were plummeting. But asset prices fluctuate all the time (obviously). And managers often maintain optimistic outlooks despite adverse market trends (obviously). To try to criminalize an internal debate over investments is pathetic. For details, avoid the New York Times' predictable angle and go to Bloomberg instead.