INSIDER TRADING UNDEFINED: 4/4: Uneven Justice: The Plot to Sink Galleon, by Raj Rajaratnam
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 8 April 2024
⏱️ 6 minutes
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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.
1918 WALL STREET
Transcript
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| 0:00.0 | This is a CBSI of the world. I'm John Bachelor with Raj Raj Rach-Rutnam, his autobiography. |
| 0:10.0 | Uneven Justice, the plot to St. Galleon. |
| 0:13.0 | Raj, you were seven and a half years detained in jail, federal jail. |
| 0:18.0 | You wrote this book while incarcerated, and now these years later you have many lessons in here for others on |
| 0:26.6 | Wall Street or others who are parts of families on Wall Street about what is |
| 0:31.0 | and is not insider trading what is and is not insider trading, what is or is not material non-public |
| 0:36.2 | information, what is or is not confidential information. |
| 0:40.2 | There's no clarity here, so I'm not going to ask you to clarify that. I'm going to look at Prit Barra, |
| 0:46.0 | the U.S. attorney who created an atmosphere of lawman at the US District for the Southern District of New York. |
| 0:57.8 | Now we started by talking about how Pritbarra's own investigation of insider trading came up with no clarity. |
| 1:05.0 | That is true everywhere now and I understand that that's advanced the case. |
| 1:10.0 | However, is it your measure that the government has learned from this? |
| 1:15.0 | Is the prosecution in other U.S. Attorney's offices or in other DA's offices? |
| 1:20.0 | Are they going to take to heart the fact is that they've been using |
| 1:24.9 | language sloppily, inarticulately all these decades and it must stop? |
| 1:31.4 | Your on my book I want to address something that's bigger than insider trading. |
| 1:38.0 | It's about prosecutorial oversight and accountability and civil rights violations of civil rights that should not be tolerated in a civic society. |
| 1:50.0 | I love this country. The day I took the oath as an American citizen, I accepted the laws of this country. |
| 1:58.0 | I think that a vast majority of prosecutors and the vast majority of the FBI do a great job and |
| 2:07.8 | people of honest caliber and integrity. |
| 2:14.7 | So my book was written not to define what insider trading should be, but the perils of unchecked power, absolute power, corrupt absolutely. I started writing this book for my |
| 2:30.4 | children. I had no intention of publishing it. But when I went to prison, my |
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