INSIDER TRADING UNDEFINED: 1/4: Uneven Justice: The Plot to Sink Galleon, by Raj Rajaratnam
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 8 April 2024
⏱️ 10 minutes
🧾️ Download transcript
Summary
https://www.amazon.com/Uneven-Justice-Plot-Sink-Galleon/dp/1637582811/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=
Raj Rajaratnam, the respected founder of the iconic hedge fund Galleon Group, which managed $7 billion and employed 180 people in its heyday, chose to go to trial rather than concede to a false narrative concocted by ambitious prosecutors looking for a scapegoat for the 2008 financial crisis. Naively, perhaps, Rajaratnam had expected to get a fair hearing in court. As an immigrant who had achieved tremendous success in his adopted country, he trusted the system. He had not anticipated prosecutorial overreach—inspired by political ambition—FBI fabrications, judicial compliance, and lies told under oath by cooperating witnesses. In the end, Rajaratnam was convicted and sentenced to eleven years in prison. He served seven and a half.
Meanwhile, not a single senior bank executive responsible for the financial crisis was even charged.
Uneven Justice is the story of his bewildering and confounding prosecution by forces who, quite frankly, were looking for bigger game. When Rajaratnam refused to support the narrative that would make that happen, he and the Galleon Group became collateral damage.
A cautionary tale with implications for us all, Uneven Justice is both a riveting page-turner and an eye-opening lesson in the vagaries of justice when an unscrupulous prosecutor is calling the shots
1929 WALL STREET
Transcript
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| 0:00.0 | This is |
| 0:03.3 | CBS eye on the world. Here's John Bachelor |
| 0:08.9 | And it's a pleasure to welcome the author Raj Raj Rajaraten. His new book is uneven justice. This is |
| 0:15.8 | an autobiography at the same time an analysis of Wall Street, the Justice |
| 0:22.1 | Department these last years, especially since the Great Recession of 2008 |
| 0:26.6 | and 2009. |
| 0:28.6 | The subplot is the plot to sink Galleon. |
| 0:31.8 | Galleon is not a ship, it was a hedge fund at the time. And I welcome |
| 0:35.7 | Raj and I go to an event that is flabbergasting once you understand Raj's story. |
| 0:42.1 | This is the Bowera Task Force on |
| 0:44.6 | insider trading publishing findings January 27th, 2020, right before the |
| 0:49.5 | pandemic. Preet Barra was the former US attorney for the Southern District of New York, an extremely powerful |
| 0:56.3 | post in the solar system. |
| 0:58.7 | The task |
| 1:05.0 | for too long insider trading law has lacked clarity, generated confusion, |
| 1:07.0 | and failed to keep up with the times. |
| 1:09.0 | Without a statute specifically directed at insider trading, the law has developed through a |
| 1:14.8 | series of facts-specific court decisions applying the general anti-fraud provisions of our |
| 1:19.6 | security laws across a broadening set of conduct. I'll stop there because lack clarity |
| 1:26.6 | is everything you need to understand. Raj, a good evening to you, thank you very much. |
| 1:31.5 | This paragraph is striking to me what is what |
| 1:36.2 | was how do we understand insider trading from the point of view of a professional |
... |
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