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MarketWatch reported: “Galleon Group’s billionaire founder, Raj Rajaratnam, was charged Friday in a sweeping insider-trading case, according to court documents filed in Manhattan by federal prosecutors and the Federal Bureau of Investigation.”
Unlike Martha Stewart’s insider trading, this scheme better exposes the vast network of cheaters who report to hedge funds for Don Corleone type rewards: “The charges against Galleon claim the firm was connected to a network of informants — including executives and employees at Intel (Nasdaq: INTC), IBM (NYSE: IBM), Akamai (Nasdaq: AKAM), Polycom (Nasdaq: PLCM), McKinsey and rating agency Moody’s Corp.(NYSE: MCO) — who exchanged inside information.” (MarketWatch)
Surprised? If so, you are radically disconnected from Wall Street. However, given how toothless and weak the SEC has become in the last decade, punishing insider trading has become as rare as bipartisanship in Washington.
Too bad Rajaratnam wasn’t a politician. In that case his behavior would have been completely legal.
Want to read more Scoops you won’t see in the mainstream media? Try these posts:
Do Lawmakers Legally Insider Trade?
Heads Banks Win, Tails Taxpayers Lose: JPMorgan Cashing In
Bloomberg Editor-in-Chief Matthew Winkler Says Taxpayers Have Right to See Fed Books
The Federal Reserve’s Secret Lending of Public Money is Under Attack
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It’s finally good to see the regulation task force at work doing their job.
They are just catching small fish to set at example. The big ones with connections will be given a pass.
Fraud and force make the market economy. The pious hope of the ordinary investor is that might is right and that a little fraud is a small price to pay for for the emotional security of delusional gains. A little lingering sanity comes into play when you warm your hands with the trash can fire wearing pauper’s rags which will be made into paper money.
Nice AND poetic. Thanks for your comment!