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Julian Dorey Podcast

šŸ˜Ž #87 - Meet The Billionaire Who Took The Fall For Wall Street | Raj Rajaratnam

Julian Dorey Podcast

Julian Dorey

Comedy

4.6 • 649 Ratings

šŸ—“ļø 18 February 2022

ā±ļø 218 minutes

šŸ§¾ļø Download transcript

Summary

(***TIMESTAMPS in description below***) Raj Rajaratnam is an investor, author, and former hedge fund manager. He was the founder of the Galleon Group, a New York-based hedge fund. By 2009, Rajaratnam was the 236th richest American and managed $7 Billion at Galleon. However, on October 16th of that year, he was arrested by the FBI for insider trading, which also caused the Galleon Group to fold. In 2011, he stood trial in the United States District Court for the Southern District of New York and was found guilty on 14 counts of conspiracy and securities fraud. Raj received the longest insider trading sentence in American History (11 years) and was fined a criminal and civil penalty of over $150 million combined. He recently published a book called, ā€œUneven Justice,ā€ where he tells his story and discusses the prosecutorial misconduct in his trial. He recently appeared on CNBC (with Andrew Ross Sorkin) and on Glenn Greenwald's Podcast to discuss the book. ***TIMESTAMPS*** 0:00 - Intro; Galleon’s Morning Meetings; The Media falsely painted the Raj Rajaratnam as ā€œThe Financial Crisis Caseā€; Raj explains the Financial Crisis basics; Southern District of New York Prosecutor Preet Bharara’s crusade against hedge funds; Raj net *lost* ~ $4 Million on the trades he was accused of (in his insider trading case); The Prosecutorial media blitz; Raj talks ā€œgreedā€ 23:20 - Raj recounts the day he was arrested in October 2009; Prosecutorial misconduct; The moment Raj went into ā€œwar modeā€; Raj answered the FBI’s questions for hours without a lawyer; Raj talks Preet Bharara and how his case made Preet the Sheriff of Wall Street; Raj wasn’t the final target –– Steve Cohen was 45:48 - Raj explains why he is speaking out after all these years; What Rajat Gupta said to Raj in prison; The type of person who often becomes a prosecutor; The Bitcoin legislation an NYC Legislator cashed in on; Raj reacts to the Insider Trading in both Congress & the Senate in Washington DC 1:07:51 - The Ross Ulbricht Case (also prosecuted by Preet Bharara); Raj was the first White Collar Wiretaps Case; The Franks Hearing that should have suppressed the wiretaps; The government lied on the Title III Wiretaps application 1:29:18 - GOVERNMENT WITNESS 1: Roomy Khan; The meaning of the word ā€œEdgeā€; Discussing the Showtime Wall Street Show, Billions; Goldman CEO Lloyd Blankfein’s testimony at Raj’s trial; RICO Law Creator & Title III Creator, G Robert Blakey’s Amicus Brief on Raj’s behalf 1:51:20 - Raj talks about why he respects Danielle Chiesi (DEFENDANT 1) and considers her ā€œa gangsterā€; GOVERNMENT WITNESS 2: Ali Far; The EBay Trade story; GOVERNMENT WITNESS 3: Adam Smith; GOVERNMENT WITNESS 4: Rajiv Goel 2:19:33 - GOVERNMENT WITNESS 5 (The ā€œStarā€ Witness): Anil Kumar; McKinsey, Payments, and Pecos Trading; The Manju Das Tax Shelter; The Preet Bharara India Diplomat Cavity Search Play 2:37:18 - DEFENDANT 2: Ex-McKinsey CEO / Goldman Sachs Board Member, Rajat Gupta; Kumar gave the opposite testimony in Raj’s brother Rengan’s Insider Trading Trial (he was found not guilty); Raj’s funds with Gupta and Kumar; Raj tells the story behind the 2 Phone Calls w/ Gupta from the cases ag... Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

October 16th, 2009 is the day you were arrested.

0:06.1

It was early on a Friday morning and you were arrested at your home in New York City.

0:12.0

Did you have any inkling whatsoever that there could possibly be some sort of case or some sort of inquiry or question from the government around you, your company,

0:21.7

or anyone associated with it?

0:23.6

Absolutely not.

0:24.9

Of the top hundred things I worried about, insider trading didn't make that list.

0:39.4

What's cooking, everybody?

0:44.6

If you are on YouTube right now, please hit that subscribe button, hit that like button on the video.

0:50.1

And as always, if you have a second, would love to see you drop a comment down in the video comment section as well.

0:55.1

To everyone who has been leaving likes and comments on these videos, I say it every week, but it is a huge help.

0:56.0

Thank you so much.

0:56.9

Let's keep it rolling.

1:01.4

To everyone who is listening on Apple or Spotify, thank you for checking out the show there.

1:07.2

If you haven't already, be sure to leave a five-star review if you can and follow the show on either one of those platforms.

1:13.0

And I look forward to seeing you guys again for future episodes. Now, I am joined in the bunker today by Mr. Raj Raj Raj Raj Ratnam and if you're watching me on YouTube, you can see me

1:17.9

holding up his book. It is called Uneven Justice. It's a very, very good book. And it's one that he

1:22.8

wrote by hand from prison. So for those of you who don't remember, Raj, he was the face of the financial

1:31.1

crisis prosecutions. And regardless of whether you think he was innocent or guilty, it had

1:36.5

nothing to do with that. This was an insider trading case. It's like the movie Wall Street from

1:41.0

1987. And Raj has always maintained his innocence and his actions also

1:46.6

prove that he was from the day he was arrested in 2009 he was given every chance to turn

1:52.9

government witness and rat because he was never the guy they wanted they ultimately wanted

...

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