Galleon chief Rajaratnam gets 11 years in the slammer 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 …
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?!
"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.
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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