Raj Rajaratnam, Founder of $3 Billion Galleon Group Hedge Fund, Arrested

Quote from QuenkishZakos:

Nonsense Stevie Cohen is a great trader.......
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You don't think it helps he still pays the street .05 for "first call" in research, it's a grey area.

Do a Google on his BVF involvment!

He is no saint.
 
Quote from Wayne Gibbous:

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! :D


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.
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When I see a situation like this my first thought is why a wealthy person does something like this for peanuts, relatively speaking. I can only conclude that they made their wealth by the same means for which they got caught. Where I live a very well known lawyer made several hundred million when he represented the state against the tobacco companies. He is now serving time for bribing judges in suits against the insurance companies related to hurricane Katrina. It appears his whole career was based on illegal conduct also.
 
Quote from MandelbrotSet:

Truth to tell, we are all just one degreee of seperation from these guys, and may very well find ourselves facing the same thing one day.
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I disagree with this completely. There is a high percentage of people in the world who would never think about doing something like this.

I will give a couple of examples:

a) Your 87 year old mother, who was always goof to you and loved you, entrusts everything she has to you. Are we ALL 1 degree from robbing our mothers blind?

b) Your niece wins $500 in a contest, proudly tells you of her accomplishment, thinks highly of you and puts the money in her piggy bank. Are we ALL 1 degree from stealing our niece's money?

For many of us, we like to get up in the morning and have the respect of ourselves and others, rather than a chance to destroy the innocent.

The kind of greed exhibited by this person and Madoff, who do not really have much to live for, except the emptiness of stolen wealth
 
Quote from TraderZones:

I disagree with this completely. There is a high percentage of people in the world who would never think about doing something like this.

I will give a couple of examples:

a) Your 87 year old mother, who was always goof to you and loved you, entrusts everything she has to you. Are we ALL 1 degree from robbing our mothers blind?

b) Your niece wins $500 in a contest, proudly tells you of her accomplishment, thinks highly of you and puts the money in her piggy bank. Are we ALL 1 degree from stealing our niece's money?

For many of us, we like to get up in the morning and have the respect of ourselves and others, rather than a chance to destroy the innocent.

The kind of greed exhibited by this person and Madoff, who do not really have much to live for, except the emptiness of stolen wealth
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this person = Raj Rajaratnam = indian

madoff = jew
 
Quote from TraderZones:

I disagree with this completely. There is a high percentage of people in the world who would never think about doing something like this.
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Wrong.

There is a high percentage of people in the world who do nothing but think about doing something like this, I've run across them several times in my trading career, if you're a good trader, I'm sure you have too.

Quote from TraderZones:

I will give a couple of examples:

a) Your 87 year old mother, who was always goof to you and loved you, entrusts everything she has to you. Are we ALL 1 degree from robbing our mothers blind?

b) Your niece wins $500 in a contest, proudly tells you of her accomplishment, thinks highly of you and puts the money in her piggy bank. Are we ALL 1 degree from stealing our niece's money?

For many of us, we like to get up in the morning and have the respect of ourselves and others, rather than a chance to destroy the innocent.

The kind of greed exhibited by this person and Madoff, who do not really have much to live for, except the emptiness of stolen wealth
More...
You are confusing Bernie Madoff with Raj Rajaratnam. Their crimes are nothing alike.
  • Bernie Madoff is a complete sociopath who ran a huge ponzi scheme which he used to rip-off any and every one who came near him ... he couldn't care less about who they were ... or how long he knew them, everyone was just a sucker waiting to be taken.
  • Raj Rajaratnam is accused of insider trading which involved a consultant with an outsourcing firm, a hedge fund general partner and a senior vice president of IBM.
  • Looks like apples and oranges to me.
 
For anyone actually paying attention, the story is blowing up as the biggest insider trader scam on Wall Street, involving (at the very least) all of the diverse professionals that I mentioned in my previous post.

It seems that Galleon Capital had developed a pattern of suspicious trading, so the SEC turned one of Raj's former buddies and used him as a plant to develop a case which has been ongoing for almost two years!

$20M fraud-ring 'leader' * 5 other bigwigs nabbed

Damn, these guys are really shitting their pants! ... LMAO :D :eek: :p
 
Quote from MandelbrotSet:

Wrong.

There is a high percentage of people in the world who do nothing but think about doing something like this, I've run across them several times in my trading career, if you're a good trader, I'm sure you have too.


You are confusing Bernie Madoff with Raj Rajaratnam. Their crimes are nothing alike.
  • Bernie Madoff is a complete sociopath who ran a huge ponzi scheme which he used to rip-off any and every one who came near him ... he couldn't care less about who they were ... or how long he knew them, everyone was just a sucker waiting to be taken.
  • Raj Rajaratnam is accused of insider trading which involved a consultant with an outsourcing firm, a hedge fund general partner and a senior vice president of IBM.
  • Looks like apples and oranges to me.
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there is a far difference from "a high percentage" and "we are all just one degreee of seperation from these guys,"
 
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