Wednesday, 23 July 2014
Last updated 21 min ago
Apr 30 2013 | 9:44am ET
If one's last job in the hedge fund industry was "co-founder of Galleon Group," a desire to get as far away from Wall Street as possible is understandable.
Gary Rosenbach has gotten about as far away from Wall Street as possible.
Rosenbach, who set up Galleon with Raj Rajaratnam and served as the now-convicted and jailed insider-trader's deputy, dropped off the radar screen after Galleon went under in 2009. But he recently won the National Cutting Horse Association Super Stakes Derby Amateur Championship in Fort Worth, Texas, The New York Times reports.
What is cutting, you ask? It is apparently the art of separating a single calf from a cattle herd.
Rosenbach was interview after his victory, which netted him $5,138 in prize money (the video is available on YouTube). Rosenbach, who made tens of millions of dollars during his time at Galleon, modestly told the reporter, "You know, I don't want to sound terrible; it wasn't about the money. It's about the buckle, it's about the saddle, it's about the exciting feeling, the adrenaline rush of when you finish and you put your hand down and you're done cutting."
The New York native is the owner of the Rose Valley Ranch in Weatherford, Texas, which bills itself as "the cutting horse capital of the world."
Rosenbach was never charged with any wrongdoing in the Galleon fraud, although his name has come up in the probe and at several Galleon trials. He left the hedge fund several months before Rajaratnam's arrest, citing his health, and was reported to be planning a comeback in 2011.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…