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Raj Rajaratnam: "Should I Buy A Million?" Anil Kumar: "You Cannot Go Wrong- There Will Be Such A Boost From This Announcement"

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That was one of the conversations played by the prosecution in court today, Day 3 of the Rajaratnam trial. Here was another:

"We know because one of our guys is on the board,” Rajaratnam told his friend, Rajiv Goel, during an Oct. 7, 2008, call. The two men are discussing the acquisition of PeopleSupport Inc. and Rajaratnam is telling Goel that he bought 30,000 shares for Goel’s account, according to the tape.

Incriminating or completely harmless? The government is hoping the jury's reaction will lean toward the former, but according to the Rajaratnam defense team, the exchange was completely "harmless." Nothing to see here.

The recordings were just “snippets” of Rajaratnam talking with two friends and two Galleon traders, said defense attorney Terence Lyman during his cross-examination of Wehner. While questioning of witness Diane Wehner, the FBI agent who helped record the calls and was brought to the stand, Lyman sought to show that the conversations were innocent and not corrupt...In the Goel conversation about PeopleSupport, Lyman sought to show that Rajaratnam was buying stocks for his longtime friend and complaining that the brokerage he used had overcharged Goel.

Talks Of Deals As First Tapes Are Played At Insider Trial [Bloomberg]