In the news (:http://www.bloomberg.com/apps/news?pid=20601087&sid=asliefsvW5Zc)
“Oct. 16 (Bloomberg) — Raj Rajaratnam, the billionaire founder of Galleon Group, and ex-directors at a Bear Stearns Cos. hedge fund were among six people charged in a $20 million insider trading scheme federal prosecutors called the biggest ever involving hedge funds.
Also accused were Rajiv Goel, who worked at Intel Capital as a director in strategic investments, Anil Kumar, who worked as a director at McKinsey & Co., and IBM Corp. executive Robert Moffat. The former officials at Bear Stearns Asset Management are Danielle Chiesi and Mark Kurland, who were affiliated with the firm’s New Castle Partners, which managed about $1 billion.
“The defendants operated in a world of, you scratch my back, I’ll scratch your back,” U.S. Attorney Preet Bharara in Manhattan said at a press conference today. “Greed, sometimes, is not good.”
My Comment
The biggest hedge scam – there you go. Anything Westerners can do, Easterners can do better. We’re not going to settle for any penny-ante crime anymore. Now you know how at least one South Asian billionaire got rich so fast. Nothing like having an edge…
What’s interesting is that this is the first time that the Fed’s used wire-tapping to target insider trading on Wall Street. Until now that tool has been the reserve of organized crime and drug cases.
They spent all these resources and could only come up with $20m?
Madoff was how may billions? And how many billions were indirectly infected by Madoff?
How may billions were still paid out in bonuses to Wall Street losers?
Everyone at the top of the food chain has a little inside info and scratch each other’s backs. But the cops only catch the easy to identify and target.
When are the real criminals of this economic collapse going to be prosecuted? Never, because the real criminals have legalized their theft!
Sherwood Smith