Earlier this morning, Raj Rajaratnam’s 7-man legal team led by attorney John Down gave its final remarks in the insider trading case. While the Galleon founder is, of course, innocent until prove guilty, much of the evidence brought by the prosecution has made him look prettay prettay prettay bad, including but not limited to recordings of Raj complimenting Danielle Chiesi on how she “played” a tech exec into giving her material non-public information and one of him telling a friend he knew to buy shares of a company because “one of our guys is on the board,” as well as testimony from a former McKinsey exec that Raj paid him $1 million for his tip about AMD’s acquisition of ATI and the previously undisclosed fact that the defense’s big witness, Richard Schutte, was gifted with a $15 million investment in his hedge fund by the Rajaratnam family two weeks prior to speaking glowingly of Raj. How did Dowd explain all that in his wrap-up? It’s pretty simple, really. Everyone who said something that suggested his client was guilty is a liar.

Dowd said former McKinsey & Co. consultant Anil Kumar “was a tax cheat and he admitted he was a tax cheat.” “You know you can’t trust Anil Kumar…This case is just make-believe,” Mr. Dowd said.

Mr. Dowd, after discussing Mr. Kumar, turned to Adam Smith, a former Galleon Group portfolio manager who has also pleaded guilty in connection with tips he allegedly provided Mr. Rajaratnam. Mr. Smith testified at the trial that he gave his boss nonpublic information he received from a Morgan Stanley investment banker, and also told jurors that Mr. Rajaratnam made efforts to hide insider trading. The defense later called witnesses who testified that Mr. Smith had denied insider trading to Mr. Rajaratnam’s lawyers last year and said the government had pressured him to plead guilty to providing confidential information he hadn’t given. “Smith has changed his story so many times he doesn’t know if he’s coming or going,” Mr. Dowd said. “You can’t trust Smith any more than you can trust Kumar. You know that Smith and Kumar are lying because the evidence proves they’re lying.”

Dowd did not say whether or not the wiretaps lied, but it would follow.

[WSJ]

22 comments (hidden to protect delicate sensibilities)
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Comments (22)

  1. Posted by guest | April 21, 2011 at 4:27 PM

    “Flippers are hairless. The skin on the soles of a walrus’s flippers is thick and rough, providing traction on land and ice.”

    He should be let go because i. it is cruel to cage wild life, and ii. it is a miracle he could hit the proper keys on his Bloomie. In fact his trainer should win an award of some kind.

  2. Posted by Lead Attourney | April 21, 2011 at 4:29 PM

    update:

    also, walruses can’t insider trade so you must aquit.

  3. Posted by BigBabyJesus | April 21, 2011 at 4:43 PM

    Vicious walrus liars!

  4. Posted by Anonymous | April 21, 2011 at 4:49 PM

    It’s not lying. It’s truthiness.

  5. Posted by Puff Pastry | April 21, 2011 at 4:53 PM

    take your shitty comments back to cnn.com

  6. Posted by THUNDER TUNA | April 21, 2011 at 4:54 PM

    Behold the splendor of THUNDER TUNA!

  7. Posted by Everyone | April 21, 2011 at 4:57 PM

    you go first.

  8. Posted by Guest | April 21, 2011 at 5:12 PM

    So tell me Mr. Dowd, if I tell you your client is the spawn of the Ghostbusters Stay Puft Marshmallow Man, AM I LYING NOW?
    Kumar

  9. Posted by Anonymous | April 21, 2011 at 5:23 PM

    Your honor, defense exhibit 7A: the witness’s pants. They are, in fact, on fire.

  10. Posted by AmericanBandersnatch | April 21, 2011 at 5:30 PM

    Uh… everything those guys just said is bullshit… Thank you

  11. Posted by A. Sterling | April 21, 2011 at 5:37 PM

    That’s totally inappropriate. It’s lewd, vesivius, salacious, outrageous!

  12. Posted by A. Sterling | April 21, 2011 at 5:37 PM

    That’s totally inappropriate. It’s lewd, vesivius, salacious, outrageous!

  13. Posted by guest | April 21, 2011 at 5:40 PM

    go work for ubs

  14. Posted by guest | April 21, 2011 at 5:40 PM

    go work for ubs

  15. Posted by OJ | April 21, 2011 at 5:45 PM

    Is the jury back yet?

  16. Posted by OJ | April 21, 2011 at 5:45 PM

    Is the jury back yet?

  17. Posted by Guest | April 21, 2011 at 7:32 PM

    Ahh, the “liar, liar, pants on fire defense.” Classic.

  18. Posted by Guest | April 21, 2011 at 7:32 PM

    Ahh, the “liar, liar, pants on fire defense.” Classic.

  19. Posted by Guest | April 21, 2011 at 8:58 PM

    Seven lawyers and that’s the best they can come up with.

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