So what did we learn from the downfall of Wall Street? Apparently nothing!! I know who won't be on a BOAT this weekend. =)Raj Rajaratnam, the billionaire founder of the New York-based Galleon Group, was among six people charged in what federal prosecutors labeled the largest-ever hedge fund insider-trading case.
"The defendants operated in a cozy world of you scratch my back, I'll scratch your back," Manhattan U.S. Attorney Preet Bharara said at a news conference announcing the arrests.
Rajaratnam, who Forbes ranked as No. 559 on its 2009 list of the world's billionaires, was snared in a $20 million insider-trading case touted by the authorities for its first-ever use of court-authorized wiretaps against Wall Street big wheels.
"They may have been privy to a lot of inside information, but there was one secret they did not know - and that was that we were listening," Bharara said.
No comments:
Post a Comment