Last August, a report came out claiming that Raj Rajaratnam was having the time of his life in prison. As someone who went to great lengths to avoid going to jail (not so much by staying on the right side of securities laws but by paying a high-priced lawyer to accuse people churning out supposedly slanted coverage of his client of “sucking [U.S. Attorney for the Southern District of New York] Preet Barhara’s teat“), this revelation came as a surprise. As a hedge fund billionaire who’d grown used to a luxurious lot in which he paid many people to keep him comfortable and content, there was an expectation that life on the inside would come as a rude awakening. And, yet, the report claimed that Raj was “reigning like a king,” “doing his time in the lap of luxury compared to other inmates,” with a set-up that included:
A private toilet
A shared balcony
An adjustable bed
“A very delightful guy doing all sorts of stuff for him– sort of like a ‘manservant'”
An inmate who cooks for him using a microwave when he “doesn’t want to hoof it to the dining hall”
Unfortunately for anyone anticipating doing time on the inside, all of these perks apparently come at a cost, according to a guy who claims Raj had to pay a number people off to arrange the manservant and en-suite, among other things. Read more »
If various sources are to be believed, Raj Rajaratnam is having the time of his life in prison, where he’s “reigning like a king,” “has a very delightful guy doing all sorts of stuff for him — sort of like a ‘manservant’,” enjoys a private en suite, balcony, and adjustable bed, and gets along smashingly with his fellow inmates, who can’t help but notice how downright svelte he’s become. All that’s a good thing, as we’ve just received word he won’t be leaving any time soon. Read more »
If you took a random poll of family, friends, colleagues, and strangers on the street, asking them how they’d feel about going to prison, the majority if not all of them would probably say, “Not good.” For most people, prison is a place to steer clear of, for all the reasons you can think of (living in a cell, isolation from the outside world, bad food, low paying jobs, daily risk of sodomy) and probably some you can’t.
Not too long ago, hedge fund manager Raj Rajaratnam counted himself among those who for whom jail time was something to avoid (if not by being an upstanding, law-abiding citizen than by hiring a high-priced attorney to try and get him off after being charged with 14 counts of conspiracy and securities fraud). But now? After having served 21 months of his eleven-year sentence? Raj can honestly say that this prison is great.
And not because hard time forced him to take a serious look at his life or to think about what he’d done or change himself for the better or any of that metamorphosis type crap, but because minus the not being allowed to leave the grounds rules? Raj’s life in prison is arguably better than his life on the outside, which did not include servants or a 34 inch waist. Read more »
As some of you may recall, the day after Galleon Group founder Raj Rajartnam was indicted on insider trading charges, the Postdug up a rap song that had been recorded years earlier called “The Good Ship Galleon,” commissioned, of course, by party animal Raj. All we knew at the time was that the artists featured in the ditty went by the names Jesse Jaymes and Cleveland D, but not why this happened or the creative process that went into producing the tune. Lucky for us, Wall Street memoirist and Galleon alum Turney Duff happens to be on a first name basis with Cleveland D because he is Cleveland D, as we find out in Chapter 8 of The Buy Side. Sayeth Mr D: Read more »
As those well-educated in the life and times of Raj Rajaratnam know, pre-prison, the big guy loved to 1. Make trades based on material non-public information and 2. Play pranks on his employees at Galleon, like introducing them to a dwarf and claiming he’d been brought on to analyst small-cap stocks, and bet them thousands of dollars they didn’t have the stomachs or balls to stand at the back of a room and allow a Taser International executive to use their bodies to demonstrate what kind of heat the company’s latest products were packing. How else did Raj-Raj keep the yuks coming (in addition to asking junior female analysts researching Lululemon to don a pair of black spandex pants and walk back and forth across the conference room table in them so people could really get a good look under the hood)? According to a new book called The Billionaire’s Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund, vetting potential employees in between lap dances and making male staffers wear g-strings played a part. Read more »
Mr. Rosenbach was never charged with any wrongdoing. He resigned from Galleon just months before prosecutors Mr. Rajaratnam’s arrest, citing family health reasons. He briefly made news in early 2011 with reports that he was starting his own firm, but it never materialized and he all but disappeared from Wall Street. Mr. Rosenbach has finally resurfaced, in Texas, as an accomplished amateur “cutter,” a sport in which horseback riders separate one calf from the cattle herd. Earlier this month, in Fort Worth, he won the National Cutting Horse Association Super Stakes Derby Amateur Championship aboard his horse, a mare, Scooters Daisy Dukes. After the competition, Mr. Rosenbach was interviewed in a video featured on YouTube. According to the clip, Mr. Rosenbach, a New York native and graduate of Queens College, owns the Rose Valley Ranch in Weatherford, Tex., a town about an hour east of Dallas that calls itself “the cutting horse capital of the world.” The amateur competition earlier this month earned Mr. Rosenbach — who made tens of millions of dollars at Galleon — about $5,138 in prize money. “You won a little more than $5,000,” the reporter said. “This win, for you, means what?” “You know I don’t want to sound terrible, it wasn’t about the money,” said Mr. Rosenbach, wearing a cowboy hat, “it’s about the buckle, it’s about the saddle, it’s about the exciting feeling, the adrenaline rush of when you finish and you put your hand down and you’re done cutting.” [Dealbook]