Tuesday, 21 October 2014
Last updated 3 min ago
May 1 2012 | 3:12am ET
Accused Raj Rajaratnam tipster Rajat Gupta's prosecutors want the jury in the case to hear the Galleon Group founder's voice—on tape.
The U.S. Attorney's Office in Manhattan yesterday indicated that they plan to play three wiretapped phone calls involving Rajaratnam, who was convicted of insider-trading last year and is now serving an 11-year prison sentence, at Gupta's trial. Gupta himself was on none of the three calls—prosecutors do not have tapes of the phone calls on which Gupta is accused of passing confidential information about Goldman Sachs and Procter & Gamble to Rajaratnam—but, they wrote in a pre-trial filing, "Rajaratnam's statements in the subsequent wiretapped calls with [Galleon trader Ian] Horowitz and [Galleon portfolio manager David] Lau provide indispensible evidence" that Gupta did, in fact, tip Rajaratnam.
Gupta's lawyers have until May 11 to respond. Gupta, a longtime friend of Rajaratnam's and former head of McKinsey & Co., served on the boards of Goldman and Procter, but his lawyers have argued that Galleon had other sources at Goldman who could have provided the information in question, including quarterly earnings and Berkshire Hathaway's 2008 investment in Goldman.
"Rajaratnam's statements in these three recorded conversations are essential evidence of the insider-trading charges against Gupta in this case," prosecutors wrote.
Gupta did not testify at Rajaratnam's trial, but his voice was heard by the jury on a recorded conversation. Goldman CEO Lloyd Blankfein, who is expected to testify at Gupta's trial, which begins on May 21, testified in the Rajaratnam trial that the information Gupta discussed with Rajaratnam was confidential.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...