Raj Rajaratnam, the billionaire founder of New York City hedge fund Galleon Group, was found guilty Wednesday of insider trading in one of the most high-profile insider cases in history. It was a huge win for the U.S. government; Rajaratnam was found guilty on all 14 counts he faced - nine for securities fraud and five for conspiracy. Smith, one of the strongest cooperating witnesses for the government, was the first Galleon employee to testify against his boss. He said Rajaratnam received a tip about the 2006 acquisition by Advanced Micro Devices Inc of ATI Technologies Inc. He also said the hedge-fund head and others at Galleon sought tips from a former Intel Corp. employee, a Morgan Stanley investment banker and others. Smith has pleaded guilty to fraud charges. The prosecution also called executives of companies whose stocks were mentioned in the wiretaps, most notably Goldman Sachs CEO Lloyd Blankfein. Blankfein told the court on March 23 that Rajat Gupta, a former Goldman board member, violated the firm's confidentiality policies by disclosing information to Rajaratnam about the bank's first-ever quarterly loss in 2008 as well as a $5 billion investment in the bank by Warren Buffett.
Insider trading, like taking candy off a baby, you invest other peoples money, get millions from your insider tips, and have no downside risk as you dont have any on the table to lose. Where do i sign up lol
Maybe no money on the table...but a minimum of 30 yrs in prison at his age doesn't look to good for him...greed, nothing but greed got him where he is today. I feel like this will be a stack of cards you used to stack up as children, and when one went down, slowly but surely, the rest of the cards followed suit..(heehee no pun intended).
The whole US financial system has basically crashed because of this kind of behaviour, and it has taken the government three years to find one of them and put him before a jury? They will probably blame him for the whole GFG. Sorry, but this shows the incredibly debased state of US regulatory bodies. There should have been 300 cases like this before the courts every month for the last 3 years, but they managed one. Probably the only reason that this guy is in front of a jury is because he pissed off someone big.
Sorry...I should have quoted the above as coming off of one of our news publications..none of those were my words. I was just giving an update on the news of the day here in the states. Yes, I agree it should have started much sooner than it has and with many more people than it has, but for me at least, it is a start.
I did assume that you were posting something from the days news... I hope that it leads to a lot more guys in suits getting pulled up before the courts.
Easy to imprison Indians, they should try it with NYC boys once in a while. its not like they play by the rules.
So the predictiion is that this will be the biggest Insider Trading case we'll see out of the US. All bigger ones are sanctined by the government and therefore won't see the light of day.
