Wednesday, 1 October 2014
Last updated 8 hours ago
Mar 23 2011 | 11:19am ET
Goldman Sachs CEO Lloyd Blankfein took the stand this morning in the Raj Rajaratnam insider-trading trial.
Blankfein was called by prosecutors to serve as a link in the alleged chain of confidential information: He is expected to testify about what former McKinsey & Co. chief Rajat Gupta heard as a member of Goldman's board; Gupta is accused by the Securities and Exchange Commission of passing some of that information on to the Galleon Group founder, often within minutes of board meetings.
Blankfein took the stand at about 10:30 this morning, after prosecutors and Rajaratnam's defense team settled their issues about the scope of questioning. Rajaratnam's lead attorney, John Dowd, said he did not plan to question Blankfein about any pending investigations of Goldman, a line that prosecutors wanted him barred from. Dowd did reserve the right to recall Blankfein as a defense witness later in the trial.
On the stand, Blankfein identified Gupta from a photograph. Gupta is expected to testify for the defense later in the trial.
Blankfein's testimony interrupts that of former Intel executive and Rajaratam friend Rajiv Goel, who began his stint on the stand yesterday. Goel testified that he passed confidential information about Intel to Rajaratnam; his testimony will resume following Blankfein's.
According to prosecutors, Gupta tipped Rajaratnam about Goldman's 2008 earnings and about a $5 billion investment in the bank by Berkshire Hathaway.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...