David Faber reports Raj Rajaratnam has been charged in a $20 million insider trading case, which is probably upsetting regardless but stings that much more given that the Journal boldly claimed in February that Galleon would be among a group of A-team hedge funds not going under in the foreseeable future. (This news will also rain on the parade Raj-Raj was likely throwing for himself to celebrate being named the 236th richest person in America.) The FBI had apparently been tapping Raj’s cell phone, so hopefully we’ll get some good convos out of that.
Per the Journal, others charged include:
Rajiv Goel, director in strategic investments at Intel Corp.’s investment arm; Anil Kumar, a director at global management-consulting firm McKinsey & Co.; Danielle Chiesi and Mark Kurland of Newcastle Partners LP, the one-time equity hedge-fund group at Bear Stearns Asset Management Inc.; and Robert Moffat, a senior vice president at International Business Machines Corp.
Here’s the complaint, via Dealbook:
@1 asshole. have nothing not racist to add?
i dont remember the indian guy in the A-Team.
-GRB
Asshole @2 He’s a crook. What’s your point?
That is so annoying.
@5 nice
How could such a handsome man make such a bad decision?? Hes disturbing looking, no wonder why hes so smart, probably read the entire encyclopedia brittanica set before the age of 8
anyone have the complaint?
@7 why do you care if he’s good looking or not? are deciding whether or not you want to fuck him?
Looks like he was on Continent. They got him before he had the chance to run to some rat hole in Mumbai.
I prescribe some time in Federal Pound Me In The Ass Prison. FPMITAP.
@7 Im saying hes a raging nerd you f’in toolbox. Now go mow my lawn since you are probably on the souplines you knob
http://www.businessinsider.com/raj-rajaratnam-founder-of-3-billion-galleon-group-hedge-fund-arrested-2009-10
It’s 10:40 and no Greg. Any chance Bess finally snuffed him? We can only hope. That Douche.
Greg’s Mom
@11 really? because your first two lines were comments on his looks. it’s okay, man, just be honest with yourself.
what’s with all the pictures of dudes this morning? any chance we can get a dupre pic?
@15 seconded!
Not sure what the pic of Indra Nooyi has to do with the post?
faber scooped no sleeves! what gives? too many cannolis at elaine’s last night…chazz, you’re slippin’
Who knew that Jolly from Candyland could ever become involved in insider trading?
Seriously, i would take a Whitney pic at this point.
Nahgona…Nahgona…Nahgona work here anymore
VWAT?
This isn’t that scummy little schmuck that was on The Apprentice is it?
seriously, this is what happens when we let native americans run things
I do not condone the crimes that this Ewok is accused of committing, but remember he was instrumental in defeating The Empire.
@23 you dumb shit, raj is dot, not feather.
Reading this post put me in the mood for Indian food
–sc
That’s the same grimace I get after I eat at Curry in a Hurry
@28 that’s the grimace I have when it’s on the way out the following morning.
God, he’s a disgrace even by our admittedly low standards.
I recommended my fund invest in them. We invested $200MM. FML.
-FOF Analyst that will need a job soon
Galleon has always had a reputation as a shady fund. I wonder which of the thousand times they ran over the sell-side right before news drew the attention of the Feds.
@31 chill out, his crime involved making money, not covering up losing it. Your ass is covered (except for the part about how your entire industry is a joke), but yes your life is still f’d
He looks like Mungo from Heathcliff. @23, you almost made coffee shoot out of my nose. Dominos are going to fall, hes going to roll over on everybody.
The only surprise is that it took so long to catch him. He got his start on the Needham desk front-running his customer orders (including mine) and never lost his taste for the cheater’s edge. I look forward to his long stretch as Bernie’s bunkie at Club Fed. Galleon’s success is a monument to the ignorance of the FoF industry.
Chill out? The fund is liquefying as we speak. Galleon is done, I just called them and they said so
-#31
agreed, this isn’t madoff or stanford (but that doesn’t make him any better, or does it?). he was making money…where’s 1-2? he has a strong opinion on insider trading. would be interesting to hear his take on this one.
@35 It’s a monument to the ignorance of the SEC
He looks Indian.
Mr. Potato Head is a fund manager?
This guy sells one hell of a chicken/lamb over rice over at 51st and Park.
@36 “Chill out? The fund is liquefying as we speak. Galleon is done, I just called them and they said so”
email bess!
@19 I literally despise people that use the phrase ‘ftw’ but that was amazing
@41 Weak. If you want to be racist, at least be funny.
I’m now short the spelling bee
Whole street saying Galleon is finished.
What do you want me to email Bess? It’s pretty obvious that if the Principal of a HF gets arrested, redemptions will be massive and the fund will close.
-#31/36
The big gulp machine, it is broken!
Next question is what happens to all the ex-Galleon traders. They’ll all claim that this whole insider trading thingie was just confined to a few guys at the top. Probably other idiot FoF’s will buy it…and the ride continues.
How much do FOF analysts make? And can you become an FOF analyst right out of undergrad?
Galleon is set up like Diamondback/SAC, they have separate portfolio that go up to about $100MM per sector, so there are a shit ton of Jr. Portfolio managers within Galleon, a top of Galleon itself having 10+ funds and then the major portfolio managers, which are Raj and Jeff Bernstein, (who helped star the fund, left the fund and then came back a few years ago, I bet he’s pissed.) So this basically creates a shit-ton of Galleon employees flooding the labor market.
@50, not much. Being in the FOF industry is similar to being back-office anywhere else.
From the Forbes profile:
“… says best ideas come from frequent visits with companies, conversations with execs who invest in his fund…” Funny in hindsight.
Let’s face it – this kind of thing was rampant during the most recent deal boom. The fact that the SEC has only brought a couple of high profile cases is a testament to its sad state.
Thats why they are always whispering in the corner at conferences…
“vikram and raj, stop being jerks”
-JD
@53 What makes you think it is not “rampant” now?
29 year old Goldman rejects going to work for the SEC = sign of the times.
As if Moody’s weren’t already corrupt enough, they were the ones passing the inside info in the case of Hilton. Scumbags.
Really? Back office? There is no way working at a FOF is as bad as back office, is it?
-50
@56,
Fewer (or no) deals = less insider trading. I’m sure the next upswing in M&A will give the SEC ample opportunities to display its enforcement prowess.
@58 FoF deal with the crap back-office spews out except it’s a month, or more, afterwards.
-@30
He is Sri Lankan.
Is there any connection between fatness and corruption, in east asia or elsewhere?
There is no such place as Sri Lankan.
Michael Scott
You can bet his dick is misshapen.
Wait, let me get this straight, Galleon’s investment style was cribbed from Pequot’s?
@64: Like an egg? Or a cucumber?
I LOVE IT WHEN THEY CALL ME BIG POPPA
Insider information, huh? i though this was called a “channel check”?
Did he at least have a hot wife? Was he a playa? $1.3B ain’t nutin’ to scoff at.
is it me or does this black guy have a really funny sounding name? almost like he is indian or something…
Who in their right mind would have trusted this scummy fucking fat Cuban?
I object to these racist comments on the grounds that they just aren’t funny.
Galleon out
get your facts right… He is srilankan… not indian…
Gary…, (sound of soda bottles clinging together) Gary…, come out to pl-a-a-y.
-The FBI
Anyone find it amazing that some schlock from Needham can start a $7 Billion Fund?
Ontly Gruntal was worse than Needham.
Keep in mind a pure wasp or brit blond is probably his wife…and wolfs down his chutney ferret ever night
@68 that was fucking awesome
Indians should have no part in manging money in America.
Anyone thinks he might get off this hook?
@ 78 – you are right, Indians can’t compete with the Bernie’s and the Sri-Lankans.
@78 he is sri lankan, you ignorant dolt.
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