Raj Rajaratnam’s Day In Court

  • 29 Mar 2011 at 3:19 PM

Reader Poll: At What Point Does Raj Rajaratnam’s Lead Lawyer Start Frantically Searching For The Handle To The Trap Door In The Floor?

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Is it soon after ex-Galleon employee Adam Smith told the jury that whereas standard research jobs at hedge funds require analysts to “do your homework ahead of time,” he was expected to “cheat on the test“? Or do we have another few weeks? In related news, how long before Raj convinces the little brother always willing to take a bullet for him to pull a Jose Canseco while Raj maxes and relaxes on the beach? [Bloomberg]

  • 29 Mar 2011 at 11:58 AM

Former Galleon Employee: Raj Told Me To Feel Free To Insider Trade During My Time At The Firm

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A former hedge fund executive says his ex-boss gave him the green light to break the law by gathering secrets about the technology industry. Adam Smith testified Tuesday that Raj Rajaratnam’s Galleon used the information to “get an edge” on massive trades. Smith secretly pleaded guilty last year. He agreed to record phone calls in the far-reaching investigation of Wall Street misdeeds. [AP]

  • 28 Mar 2011 at 4:31 PM

A Little Perspective For Raj Rajaratnam: It Could Be Worse (You Could Be Barry Bonds)

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Yes, everyone who’s testified so far has said you’ve paid them for inside information to trade, that you told them to keep the activities on the hush hush and that you played favorites with your tipsters. Each and every time someone takes the witness stand it gets worse and worse, like a bomb that won’t stop exploding. Still, despite nearly two months to go, it seems unlikely anyone could get up there and do you as bad as this: Read more »

  • 28 Mar 2011 at 11:20 AM

Raj Rajaratnam Defense Team Would Prefer Jury Not Hear About His Brother (Allegedly) Destroying Evidence Of (Alleged) Insider Trading

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Shortly after Raj Rajaratnam was arrested on Oct. 16, 2009, his brother Rengan went into the Galleon Group LLC’s co-founder’s office and removed his sibling’s private notebooks, former Galleon trader Adam Smith told prosecutors, according to a court filing made yesterday. Raj Rajaratnam’s lawyers yesterday filed a legal request asking a judge to bar Smith from testifying about Rengan Rajaratnam’s actions on Oct. 16. Prosecutors wanted to offer the account from Smith, who may testify for the government this week, “to prove the existence of the charged conspiracy and Rengan’s membership in it,” they wrote in court papers. [Bloomberg, earlier]

  • 24 Mar 2011 at 4:04 PM

Rengan Rajaratnam Couldn’t Match Big Brother’s (Alleged) Insider Trading Skills

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Typically in families where their are children of the same sex, one of two dynamics exists. In scenario one, big brother (or sister) is the star, excelling at everything he or she does, making it impossible for the younger sibling to live up to the highly set bar. In scenario two, the younger sibling outpaces the older, making the first born feel like a fuck up for not having the same successes as junior. In the Rajaratnam family, the former was the case. Whereas Raj was married with a bunch of kids, little bro Rengan struggled to meet women, noting that it felt like “they’ve all gone away or someone snatched them up.” Whereas Raj ran a multi-billion dollar hedge fund, Rengan had a dinky little shop with assets under management barely hitting 200 million, seeded by his bro. And whereas Raj (allegedly) had some of the best insider trading skills on the Street, Rengan embarrassed himself trying to beat the press on hot tips. Read more »

  • 24 Mar 2011 at 9:19 AM

What Did Lloyd Blankfein Say To Raj Rajaratnam During Their Friendly Exchange And Handshake Yesterday?

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As you might have heard, yesterday was the most majestic day of the Raj Rajaratnam insider trading trial, as it starred witness Lloyd Blankfein. After several hours of questioning (and one patently absurd effort by the court illustrator), the judge called for a quick break. During that time, Lloyd apparently “walked up to defense lawyer John Dowd,” with whom he “exchanged some words and a laugh,” and then “rapidly extended his arm and quickly shook Rajaratnam’s hand.” A very brief dialogue ensued, Raj “smiled” and Blankfein walked away. What did LB say to elicit the grin of the former Goldman client? Read more »

  • 23 Mar 2011 at 2:43 PM

“He Had An Unfortunate Accident, That’s How I Would Say It”

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Under cross-examination by Rajaratnam’s lawyer John Dowd, Blankfein said he tried to talk Gupta out of quitting the board on September 12, 2008, not wanting to project instability to the market. But by the time Gupta’s decision not to stand for re-election became known in March 2010, things had changed. “I knew there was questions about Rajat’s behavior, that’s how I would say it,” Blankfein said. [Portfolio]

  • 23 Mar 2011 at 11:57 AM

Lloyd Blankfein Confirms That Ex-Goldman Board Member Rajat Gupta Was In The Wrong When He Called Up Raj With Inside Info About The Firm

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As you might have heard, Lloyd Blankfein has been testifying this morning in the Raj Rajaratnam trial. Lloyd is there because one of Rajaratnam’s alleged insider trades was based on information he received from former Goldman Sachs board member Rajat Gupta. To recap, Gupta took part in a fall 2008 conference call with GS management and fellow board members and after hanging up, made himself wait exactly twenty three seconds before getting Raj on the horn. Was this cool with LB and was it considered an acceptable course of action for those lucky enough to be part of Goldman’s inner sanctum, prosecutors asked? Read more »

  • 23 Mar 2011 at 10:32 AM

LLOYD BLANKFEIN IS ON THE STAND

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  • 21 Mar 2011 at 2:30 PM

Raj Rajaratnam Got Information From Moody’s, Not Tipster, Says Lawyer

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The ratings agency is good for something! Read more »

  • 17 Mar 2011 at 11:15 AM

WSJ: Raj Rajaratnam Is Alleged Insider Trader, Confirmed Catty Bitch

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And this bitch be talking shit. Read more »