Loose lips sink ships – and billionaire hedge fund tycoons that engage in insider trading. The eight women and four men sitting on the jury at the trial of Raj Rajaratnam, founder of the Galleon Group hedge fund which authorities said was at the center of an extensive insider trading network specializing in high tech companies …
> Rajaratnam is alleged to have illegally profited from insider information to the tune of $63.8m, which, frankly, would seem to be pocket change for a hedge fund with $7bn in assets under management.
9% of AUM isn't pocket change, not least as its generally quite hard to get your hands on the investors cash, and is far more than what you'd get personally given the fund is probably charging 2/20. If he wanted to nick the investors cash you wouldn't need to resort to insider dealing, but its much harder to get away with...
Why does the reg put these little opinion sound bites into stories?
Look again: $63.8m is not 9% of $7bn. Do you work for the investment sector? I advise you let the IT people do the computations, they can do hard math.
These rich white collar aholes always get off quietly on appeal when they have a chance to call in favors. Steal 10 grand through bad check fraud get 10 years. Steal 10 million through security fraud get 18 months probation at most.
Agree with Err...
That is all.
I think he should get the maximum sentence, if for nothing else because of his arrogance. he thinks he's above the law and he likes to support terrorist operations. I would love to see gov.gov make an example out of him.
The $63.8m is what can be solidly proven...
I would highly suspect that that is just the tip of the iceberg!
And if i was a prosecutor with a dead solid case on $63.8m, and a more vague case on some other huge amount i would not want to sully the waters and potentially confuse or instill doubt in the jury's mind by bringing up the less solid part of the case.
He'd be going away for 20 years whether it was $60m or $60b. Why risk the case just for a bigger number?
Re: The $63.8m is what can be solidly proven...
I said as much in my story, but the editors chopped it.
Hmm I would suspect...
... thats because as a journalist you have to back up your claims or be sued...
As i am a non-journalist commentard making an "editorial piece" (as opposed to your news piece) i can speculate without fear... ;)
Does he also have to return all the money he stole from other investors? That is likely to include you, me and anyone else who has a pension fund.
Does anyone know if his daughter is graduating on time? If she isn't, will he be granted another delay (or was that possibility already foreseen)?
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