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Only the latest white collar crook to be arrested and charged with insider trading in the stock of companies including HIlton, Clearwire and Google. The founder of Galleon Group, a major hedge fund and worth $1.3 billion is (or if perhaps found guilty WAS) the world's 559th most richest person (according to Forbes), The Federal Bureau of Investigation arrested 52-year-old Rajaratnam and five others on Friday in New York.
+Danielle Chiesi, employee of New Castle Funds formerly the equity hedge fund group of Bear Stearns Asset Management
+Mark Kurland, New Castle executive
+Rajiv Goel of Intel Capital
+Anil Kumar, director at McKinsey & Co., management consulting firm
+Robert Moffat, executive at IBM
+Mark Kurland, New Castle executive
+Rajiv Goel of Intel Capital
+Anil Kumar, director at McKinsey & Co., management consulting firm
+Robert Moffat, executive at IBM
What else do we know about the ringleader? Although a democrat and financial supporter of both Barack Obama's campaign for presidency and several of Hilary Clinton's; among the disturbing facts revealed is that Rajaratnam is said to have funded the Sri Lankan noxious terrorist group Tamil Tigers.
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Read the full account here at the Huffington Post
Comments: (7)
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By: 2u2 on 10/17/2009 6:11PM
Please keep your comments relevant to this blog entry. Off-topic, promotional or otherwise inappropriate comments will be removed.
Right! AOLTOS just sits on their asses. Don't do a F'ing thing!
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By: Igby on 10/19/2009 2:12PM
I wish the Securities Exchange Commission and other concerned agencies were as vigilant about busting EVERYBODY who cheats, because plenty still get over. Certainly, if this guy was guilty, he should get what's coming to him. However, this is a petty victory compared to what America's major banks got away with. That had to be the biggest shakedown of our nation's financial history: they knew they would get their money back, no matter who was in office.
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By: goddess on 10/20/2009 5:09AM
Word is bond.
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By: Jake on 10/19/2009 8:37PM
If Raj and his freinds are convicted, strip them of the money they profited from. Sounds like the wire tapping and other evidence will nail the greedy bast*rds. Do not send them to a Martha Stewart type country club. If anyone one needs to be deported, do so after they serve their sentence. Raj looks like prison food will eliminate some of his fat. Rich food as he knew is now over. Good riddence to Greedy pigs. There are still a lot of these guys sucking the weatlth out of America's economy. I hope the government will arrest more of these scumbags.
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By: Tharmini Srimanavalan on 10/20/2009 11:33PM
Even though he is a richest man he has helped the poor. Any way God will help him release from this.I am also very poor.
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By: reginald solomon on 10/20/2009 3:09PM
Why herein is a marvellous thing! Bernard Madof was responsible for a 65 billion with a capital B...and was allowed to be free after putting up his two houses as security...he was treated with respect and the issue for the most part was swept under the carpet...Now Mr.Raj was charged with inside trading and some $20 million is involved...He is not convicted as yet...yet he is on 100 million bond, called some of the vilest name...PIG, swine...What a racist country...truely, a white dog do not eat a white dog
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By: charles000 on 10/26/2009 8:29AM
> Illegal insider trading is a capital offense. It is a greedy violation believed to raise the cost of capital for securities issuers, thus decreasing overall economic growth. <
In all of financial news reporting that filters out to the general public, that is perhaps the understatement of the year. The cost of capital is only the surface veneer, the "tip of the iceberg" of a much more serious, and damaging pathology that apparently has infested the echelons of financial power and authority that Wall Street was once believed to represent.
If trust in the markets, financial services and investment related industries vanishes, the market itself sinks into a morass of uncertainty.
The general public has been introduced to a harsh reality - trust no one, believe nothing, stay away from the toxic environment that was Wall Street/
A more damaging blow to capitalism could hardly be imagined.
The attacks on the WTC on 9 / 11 / 01 were horrific, but terrible as such was, doesn't come close to the scale of damage that we now see, crushing our economy for years to come, resulting in a profound lack of trust in our financial institutions and forms of governance in this context.
In this context, I see this form of corruption as nothing less than economic treason.
As for the various bankers and other entities who played a part in creating the worst financial disaster since the great depression, they should be looking at life in prison, with no chance of parole.
Instead, they are still serving on the boards of various institutions, which have been deemed "too big to fail", and paying themselves and their insider comrades billions of dollars of "bonus" money.
And industry analysts wonder why there is such a profound lack of trust in today's markets and financial services industry?
Gee, I wonder why that would be . . .
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