Yesterday, lawyers for Raj Rajaratnam once again asked for their client's bail to be reduced (from $100 million to $20 million), and that the $7 million in cash posted several months back be returned to its rightful owner (the big man). Why? Because Raj-Raj is being treated unfairly. Is he a criminal? For sure. You're god damn right he is. But is he in the same league as Bernie Madoff? No sir, and Raj/Raj's representation doesn't appreciate being treated as such. First off, Berns was screwing his investors, from start to finish. Whereas Raj? Did what he did for his investors. When Bernie went down, he left his investors high and dry. Raj? He's been making it his biz-nass to maximize those returns, just like he's always done. Madoff employees? They got fucked. Galleon employees? Raj has spent many sleepless nights writing letters of recommendation attesting to their unparalleled skills in the field. Raj: plays the air sitar. Berns: no air sitar. So this is fucking bullshit, and everybody knows it.
Mr. Rajaratnam has carefully worked with Galleon to wind down its business, to take care of the Galleon employees negatively affected by the Government's sudden arrest of Mr Rajaratnam and its related press conferences, and to ensure that the financial interests of Galleon's investors were fully protected.
Despite these efforts, his bail, as currently constituted, carries the stigma of being the highest such bail in recent memory, far exceeding the terms of release for Bernard Madoff after Mr. Madoff's admission of guilt.
Rajaratnam: 'I am no Madoff' [FT Alphaville]