Immaterial Nonpublic Information

Raj Rajaratnam’s defense team would like you to forget about all those phone calls and offshore accounts and millionaires and focus on the real injustice: a reporter has used some anonymous (or, if you will, “concealed”) sources.

Raj Raj’s publicity squad has declared an unlikely war against Susan Pulliam, ace investigative reporter at the Wall Street Journal. On the defense team’s blog (yes, there’s also a Twitter feed, with 123 followers) a prominently displayed, fire engine red “LeakCounter” has been posted “to publicly chronicle Ms. Pulliam’s ongoing collaboration with concealed sources.” The blog continues: “This approach does a disservice to readers and is the very definition of slanted journalism. Add to that the biased tenor of the coverage and readers would be right to wonder if the Journal is pulling for the government.” Because, you know, the Wall Street Journal is never on the side of Wall Street.

In other news, the prosecution has rested its case after five weeks of witness testimonies, in which jurors also heard dozens of taped phone conversations of Raj Raj and pals discussing stocks. On Monday, the defense will launch its campaign to assure the jury that Raj Rajaratnam was using the so-called mosaic theory of stock research (in his opening statement John Dowd, who leads Mr. Rajaratnam’s multimillion-dollar lawyer posse from Akin Gump, used the word “mosaic” three times.)