( – promoted by buhdydharma )
H/t AP photo
I’ve been waiting for this!! The Bernie Madoff story was good but I was waiting for a Wall Street arrest on someone who affected all of us. Billionaire Raj Rajarantnam may be that man. He, along with five others were arrested today for alleged insider trading.
The New York Daily News is all over this one.
A piggish hedge fund hotshot who ranks among the world’s richest men was charged by the feds Friday with making millions of dollars on insider-trading tips.
Raj Rajaratnam, the billionaire founder of the New York-based Galleon Group, was among six people charged in what federal prosecutors labeled the largest-ever hedge fund insider-trading case.
“The defendants operated in a cozy world of you scratch my back, I’ll scratch your back,” Manhattan U.S. Attorney Preet Bharara said at a news conference announcing the arrests.
Rajaratnam, who Forbes ranked as No. 559 on its 2009 list of the world’s billionaires, was snared in a $20 million insider-trading case touted by the authorities for its first-ever use of court-authorized wiretaps against Wall Street big wheels.
“They may have been privy to a lot of inside information, but there was one secret they did not know – and that was that we were listening,” Bharara said.
Crossposted at the Progressive Electorate. Please share a post with us!
Other juicy quotes from that story
“He is not a master of the universe,” said Robert Khuzami, director of enforcement for the Securities and Exchange Commission. “He is a master of the Rolodex.”
That’s by Manhattan U.S. Attorney Preet Bharara! Wow, what a soundbite, who is this guy? Anyone know of Mr. Bharara’s work?
“I’m dead if this leaks,” Danielle Chiesi, who worked for the one-time equity hedge fund group of Bear Stearns Asset Management, is quoted as saying. “I’ll be like Martha f—— Stewart.”
I think MSNBC’s show Lockup might be getting some new viewers this weekend, as six of Wall Street’s finest think about which prison gang they will be joining for protection.