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

Quote from MandelbrotSet:

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
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The SEC couldn't find its ass with both hands. This is he Feds.
 
Quote from TraderZones:

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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When I made that "we are all just one degree of seperation" comment I was referring to the successful traders on the site.

Success leads to a desire for more success, and the trader begins to care less-and-less about how those ends are achieved, simply that the goal is met. And there is always temptation from business associates/contacts in the industry, who either are willing to talk about stock/bond deals that they really shouldn't be discussing or are looking for a handout.

No worries there TZ, I definitely was not talking about you.
 
Quote from flytiger:

The SEC couldn't find its ass with both hands. This is he Feds.
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Thanks for the correction.

I run in the other direction as quickly as possible whenever anyone starts talking to me about stock tips (either seeking advice/recommendations, or giving them) so I really wouldn't know, and definitely never want to find out.
 
Quote from number22:

LOL, the entire financial system is based on a cheater system, ponzi or what ever the government called it, only the best and brightest cheater make the most money, if you say zero tolerance, you should not play the market at all. Grow up.

I have great deal of tolerance(respect) for people(wealthy and well connected) to cheat and don't get caught by sec. :D
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Grow up? You have great respect for people who cheat and don't get caught? You must be a Paki too; broken english, cheater . . .

This is the thought process in third world countries that leads to this kind of thinking: It's only wrong if I get caught.

This often leads to a Catch22 thought process by coincidence Number22. Circular logic - if I don't cheat I won't make money, if I cheat it's only wrong if I get caught, so therefore I must cheat. Kind of like an Indian woman that is not a virgin and can find no suitors, although most Indian men frequent prostitutes, and if she does find one who will marry her - she thinks he must be crazy and not have good values, because he is willing to marry a non-virgin, so she doesn't marry him.
 
Quote from traderNik:

Sorry, but give me a fucking break. If you were at an ET convention and there was a well-established trader/fund manager there and you got to talking to him and it turned out that both of you had a lifelong passion for Shelby Cobras, and as you talk he realizes that you know a whole shitload about them and the two of you hung out for the entire convention and he showed you his Cobra which he just happened to have at the show, and during the ride he takes you on, he tells you that you should load up on TIPME.OTC, you'd be all over it like a fat kid on a Smartie. So would 98% of the guys on here.

Sorry, but that was just a little too sanctimonious to escape comment.
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dude what a horrible analogy. obviously this 'fat' kid you mentioned would never be in the same sh*t Rajaratnam is in. besides stop sweating for this crook. live on dude
 
Quote from MandelbrotSet:

When I made that "we are all just one degree of seperation" comment I was referring to the successful traders on the site.

could you point out semantically, which part of "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." refers to "only successful ET traders" ??

As if anyone here really has a clue which are the successful or not traders. Since you appear to lump yourself in "we", how about evidence of your success?

Which still goes back to my original point, that the quoted assertion is incorrect, that all people are one degree away from stealing the money of innocent people who trusted it to others .
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this is the equivalent of prosecuting martha stewart during the enron blowup, someone got on the P R campaign guys for the SEC and said we need a few convictions to bolster our legitimacy, meanwhile goldman and jp got rid of bear and lehman, gobbled up merrill, got trillions from the fed res and treasury, cleaned up in the credit default swaps, blamed it on the sub prime borrowers and their $89000 homes and have timmy geitner in their pocket and are raking in billions in this manufactured tarp rally. There is no way they could be acting on insider info
 
Quote from QuenkishZakos:

Guys come on he is still a great investor and a better trader then most on here.
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RAJ is not a trader, he is an analyst/PM, unfortunately he did get caught with his hand in the cookie jar by the SEC!

Is it fair to retail investors or other Hedge funds that this particular "Fund" has privileged access to information before the general public, I don't give a shit how good of a PM/trader/analyst he is, he cheated at the game and got caught.

Who cares if he is a "better trader" than most on ET, he broke the rules, got caught, now he has to pay.
 
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