For anyone who’d like to see the bank executives who led America into the teeth of the financial crisis strung up by the laces of their Prada wingtips, a trip to the Southern District courthouse in Lower Manhattan may be a deflating experience.
The Observer had come to the federal courthouse seeking succor. Late last Read More
Good for the Gupta
To the list of difficulties in prosecuting securities fraud, let’s just say people who’ve pleaded guilty to insider trading do not make the most credible witnesses.
Exhibit A: Michael Cardillo, a former-Galleon Group trader who is cooperating with the government’s case against Rajat Gupta, the one-time McKinsey & Co. CEO charged with feeding tips Read More
After 16 years presiding over white collar cases in the U.S. District Court’s Southern District, you’d think Judge Jed Rakoff would be hard to disallusion. Not so. It only took six days for the insider trading trial of Rajat Gupta—the former McKinsey & Co. CEO accused of tipping Galleon Group hedge fund manager Raj Rajaratnam to sensitive corporate secrets—to cause Mr. Rakoff to hang his head in dismay.
Raj Rajaratnam is likely in the market for some new “inside” tips about now: how he’s going to survive eleven years in prison, the sentence for the $64M worth of insider trading he was recently found guilty for that was handed down today. UPDATED: It’s being suggested that Raj is going to the same prison as Bernie Madoff, The Federal Correctional Complex in Butner, N.C.