Raj Rajaratnam, the former heard of the former Galleon hedge fund that was the epicenter of several insider trading rings that came to light two years ago , was sentenced in New York today to 11 years in prison for his kingpin role. Rajaratnam was the founder and managing director of the $7bn Galleon Management hedge fund, and …
Epic Fail !!
wow, a net worth of $1.3bn and he goes down for 11 years for a slice of only $50m.... greedy and stupid to equal amounts.
We'll at least he'll be able to afford lube !!
Can we not have prison rape jokes?
@AC: "Can we not have prison rape jokes?"
Bring back too many bad memories for you, do they?
It's kind of pathetic that a man with $1.2B net worth is going to prison over a paltry $50M. Of course, who knows how he "earned" that $1.2B. Sometimes, you have to know when to walk away from the table. Presumably, though, this means that the heads of Bear Stearns and Goldman Sachs are going to get the death penalty. Right? RIGHT?!
LOL. Over this side of the water he would have been given a peerage.
"was the epicenter"
No it wasn't - unless you think the insider training was taking place deep beneath the earth and Galleon was the closest point on the surface.
[Yes, I know latest dictionary entries allow this (ab)usage - still doesn't make it right, though.]
It is a pity...
...that he didn't get 30 years instead of 11.
"Insider trading" - Standard conflict of interest elevated to thoughtcrime
"the inside traders netted over $50m in ill-gotten gains or avoided losses."
Who would have thunk that there is a law mandating losses? "You must now lose a few millions or you go down?". What. The. Hell. And calling gains "ill-gotten" when trading Goldman-Sachs paper?. I would call it a "using the tailwind".
>> Holwell said that insider trading "is an assault on our free markets," and added that "the crimes and scope of the crimes reflect a virus in our business culture that needs to be eradicated."
No you tool, "insider trading" is just a concept invented to make it look as if the paper markets were somehow "fair" and reasonably accessible to "rest of us" without undue risk. Alprazolam for the hoi polloi.
there have been no criminal penalties for insider dealing for a long time.
With big profits to be had, no legal retribution and only the plebs to suffer the only *possible* down side was getting caught (and a fair number of the peers would simply admire your cunning).
Not a perfect crime, just perfect victims.
All it took was a position of trust and a total contempt for the word.
11 years is *not* enough.
These guys had pretty well paid jobs but it wasn't *enough* for them.
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