Raj Rajaratnam, Founder of $3 Billion Galleon Group Hedge Fund, Arrested
- Thread starter Surdo
- Start date
What? You're asking for a clarification of the term 'keep it real'? You've never heard that one before?
to put this into perspective: net worth 1.2b, gain of 12 million, 20% perf fee= 2.4 mil. figure in expenses taxes etc and he maybe cleared 1.2 million. so, if you have a net worth of 1 million, the equivalent is ruining your career and going to jail for $1000. nice.
interesting that they were all pretty insignificant relative to a $3b fund and guy with a net worth of >1b. logging into the other guys' schwab acct yo make a lousy 50,000- wtf. the only marginally significant deal was AMD- which blew up when the entire mkt crashed.
although this was obviously very proactive criminally seeking insider info, trading on inside info from casual conversations between the powerful is so common that it's barely viewed as 'illegal' by these people- more like a perk of having made it and, therefore, being well connected. when i was kinda in the game (not a player, just at the far edge) i was shocked at how it seemed that giving a 'heads up' was more viewed as common courtesy vs illegal- especially if it was known that the party receiving info had shares already. the rich are often rich for a reason, and that reason is not their sense of fair play.
btw, great message being sent in their zest to bring down a big fish: be a piece of shit who recruits contacts for insider info, then earns the trust of the powerful who can't resist the easy money and being 'in the know'. don't worry because, if you ever get caught, just role over on the big fish and get a plea bargain down to a hand slap even though you are the one who engineered the entire insider network. the 'CW' in this case is quite a piece of work.
and justice for all...
interesting that they were all pretty insignificant relative to a $3b fund and guy with a net worth of >1b. logging into the other guys' schwab acct yo make a lousy 50,000- wtf. the only marginally significant deal was AMD- which blew up when the entire mkt crashed.
although this was obviously very proactive criminally seeking insider info, trading on inside info from casual conversations between the powerful is so common that it's barely viewed as 'illegal' by these people- more like a perk of having made it and, therefore, being well connected. when i was kinda in the game (not a player, just at the far edge) i was shocked at how it seemed that giving a 'heads up' was more viewed as common courtesy vs illegal- especially if it was known that the party receiving info had shares already. the rich are often rich for a reason, and that reason is not their sense of fair play.
btw, great message being sent in their zest to bring down a big fish: be a piece of shit who recruits contacts for insider info, then earns the trust of the powerful who can't resist the easy money and being 'in the know'. don't worry because, if you ever get caught, just role over on the big fish and get a plea bargain down to a hand slap even though you are the one who engineered the entire insider network. the 'CW' in this case is quite a piece of work.
and justice for all...
You know how sometimes you make a total ass of yourself in public? When you do that, does it feel kind of embarrassing, or do you sometimes not realize that you're doing it?
http://www.timesonline.co.uk/tol/ne...html/world/us_and_americas/article5248228.ece
Only $20 Milllion? Hell, Cramer did much better than that! This sure sounds like the "Cramer Play Book". When are they going to get him? Flytiger keeps promising! 
Robert Khuzami, director of enforcement at the SEC, said the charges show Rajaratnam's "secret of success was not genius trading strategies."
"He is not the master of the universe. He is a master of the Rolodex," Khuzami said.
According to a criminal complaint filed in U.S. District Court in Manhattan, Rajaratnam obtained insider information and then caused the Galleon Technology Funds to execute trades that earned a profit of more than $12.7 million between January 2006 and July 2007. Other schemes garnered millions more and continued into this year, authorities said.
Bharara said the defendants benefited from tips about the earnings, earnings guidance and acquisition plans of various companies. Sometimes, those who provided tips received financial benefits and sometimes they just traded tips for more inside information, he added.
Robert Khuzami, director of enforcement at the SEC, said the charges show Rajaratnam's "secret of success was not genius trading strategies."
"He is not the master of the universe. He is a master of the Rolodex," Khuzami said.
According to a criminal complaint filed in U.S. District Court in Manhattan, Rajaratnam obtained insider information and then caused the Galleon Technology Funds to execute trades that earned a profit of more than $12.7 million between January 2006 and July 2007. Other schemes garnered millions more and continued into this year, authorities said.
Bharara said the defendants benefited from tips about the earnings, earnings guidance and acquisition plans of various companies. Sometimes, those who provided tips received financial benefits and sometimes they just traded tips for more inside information, he added.
Bail set at $100 million!! hehe
Let the poor guy out. He was just trying to make money in a bad economy. He has yacht and mansion payments to deal with just like the rest of us.
Let the poor guy out. He was just trying to make money in a bad economy. He has yacht and mansion payments to deal with just like the rest of us.
Couldn't bear to click on those links, eh? No problem, junior, go back to Call OF Duty IV and leave the grownups alone.