Filed under: People , Investing The Wall Street Journal has done a public service by getting its hands on court records in the case of Galleon Holdings founder Raj Rajaratnam, who is currently walking around on $100 million bail. He’s no Bernie Madoff, who stole $60 billion from his investors in a Ponzi scheme. Rajaratnam allegedly paid for inside information and traded on it — a far more subtle form of stealing. But in the cases of both Madoff and Rajaratnam, the Securities and Exchange Commission knew about their alleged nefarious acts for at least a decade before charging them. Bruce Watson posted on Madoff’s long history of evading the SEC’s weak efforts to stop him. And the Journal’s reporting on how Intel ( INTC ) caught its employee, Roomy Khan, calling and faxing sales reports into Rajaratnam is revealing. Continue reading Oops, they missed it again: SEC had chance to nab Rajaratnam in 1998 Oops, they missed it again: SEC had chance to nab Rajaratnam in 1998 originally appeared on DailyFinance on Fri, 04 Dec 2009 10:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Oops, they missed it again: SEC had chance to nab Rajaratnam in 1998

Filed under: Technology If you’re a thief with a car, you may want to steer clear of Tiburon, California. As tantalizing a target as Tiburon may be — its median home price is $2.62 million, and Forbes ranks it as the 26th wealthiest Zip Code — the Bay Area enclave may become the first U.S. city to install cameras to photograph the license plates of every car that enters and leaves town. “I think it makes the community safe,” Michael Cronin, Tiburon’s police chief, said Wednesday, after the Town Council voted 4-0 to go ahead with the surveillance program, slated to go live within six months, according to the San Francisco Chronicle . But the exclusive waterfront hamlet 17 miles north of San Francisco could set a dangerous precedent, privacy experts warn. Continue reading Now entering Tiburon. Please get your license plates ready for their close-up Now entering Tiburon. Please get your license plates ready for their close-up originally appeared on DailyFinance on Sun, 22 Nov 2009 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Now entering Tiburon. Please get your license plates ready for their close-up

Filed under: People , Investing With a mountain of evidence ranging from a cooperating witness to wiretapped confessions by an accomplice all but admitting guilt, prosecutors in the Galleon Group insider trading case might think they have an airtight case. But billionaire Galleon founder Raj Rajaratnam seems to be bracing for a fight. Last week Rajaratnam’s lawyers took to the offensive and succeeded in having cooperating witness Roomy Khan’s criminal background included in the hearings . Khan, a former employee of both Intel and Galleon, is a central witness against Rajaratnam. Khan has already pleaded guilty to trading on and passing on insider information as part of a plea agreement. Continue reading Galleon’s Raj Rajaratnam gears up for a legal showdown Galleon’s Raj Rajaratnam gears up for a legal showdown originally appeared on DailyFinance on Sun, 22 Nov 2009 19:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Galleon’s Raj Rajaratnam gears up for a legal showdown

Filed under: Investing , General Electric , Microsoft , Morgan Stanley Recent revelations about alleged insider trading at hedge funds make me wonder if the average investor has a fair shot at investing in stocks. The most recent story pertains to a $15 billion hedge fund that closed back in May. And last month, the $3.7 billion Galleon hedge fund was shuttered in the wake of the arrest of its founder and many others. I think it’s great that the SEC is starting to focus on this problem, and I hope that the fear of getting caught will stop the practice of insider trading by hedge funds altogether. Continue reading The SEC can’t let up in its newly invigorated battle against insider trading The SEC can’t let up in its newly invigorated battle against insider trading originally appeared on DailyFinance on Sat, 21 Nov 2009 09:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Company News , People , Investing It looks like any Americans eager to pin the blame for the financial crisis on particular Wall Street bankers have just missed a chance. How so? Two financial-crisis scapegoat candidates wriggled out of that role on Tuesday, thanks to the decision of a jury in Federal District Court in Brooklyn, N.Y. The jurors decided that Ralph R. Cioffi and Matthew M. Tannin, who formerly managed two Bear Stearns hedge funds that imploded back in June 2007 , did not lie to investors and that Cioffi did not violate laws against insider trading, according to the New York Times . This seems fine to me because I don’t think they should get the blame for the financial crisis. Continue reading Two Bear Stearns hedge fund managers are off the hook for the financial crisis Two Bear Stearns hedge fund managers are off the hook for the financial crisis originally appeared on DailyFinance on Tue, 10 Nov 2009 17:45:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Two Bear Stearns hedge fund managers are off the hook for the financial crisis

Filed under: People , Media Imagine being asked to solve a problem so difficult that the smartest people you know have been trying to figure it out for months, even years, without getting anywhere. Now imagine doing it with one metaphorical hand tied behind your back. That gives you an idea of the challenge Steven Waldman faces in his new job as the Federal Communications Commission’s designated deep thinker on the future of media . As a special adviser to Chairman Julius Genachowski, Waldman will be asked to assess the health of the news business and come up with recommendations for improving it — without exceeding the agency’s relatively narrow charter. Continue reading FCC’s Steve Waldman: Point man for fixing the news business FCC’s Steve Waldman: Point man for fixing the news business originally appeared on DailyFinance on Fri, 06 Nov 2009 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Economy , People , Investing , Media As the full extent of the Galleon Group’s insider trading comes to light, its story is starting to resemble something out of the movies. Although Raj Rajaratnam’s house has already been compared to the homes in both The Sopranos and Goodfellas , the sad truth is that the real-life criminal ring lacks both the class of Tony Soprano’s gang and the gravitas of Joe Pesci’s. As details emerge, the whole mess seems to fall closer to the cartoonish excess of Animal House . The central member of the gang — the Otter, if you will — may well be Zvi “The Octopussy” Goffer. Robert Khuzami, director of the Securites and Exchange Commission’s Division of Enforcement , noted Thursday that Goffer got his James Bond-originated nickname “because of his reputation for having arms in so many sources of inside information.” Goffer used his web of spies to cut trades both at Galleon and at his previous employer, the Schottenfeld Group. Continue reading The goofy Galleon gang: Wacky hedgies play cops and robbers…with real cash! The goofy Galleon gang: Wacky hedgies play cops and robbers…with real cash! originally appeared on DailyFinance on Fri, 06 Nov 2009 14:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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The goofy Galleon gang: Wacky hedgies play cops and robbers…with real cash!

Filed under: Company News , Investing I like what the Securities & Exchange Commission is doing this days. It cracked down on insider trading at Galleon Holdings , the former $3.7 billion hedge fund whose boss, Raj Rajaratnam, is out on $100 million bail. But the SEC hasn’t stopped there: Yesterday it announced an indictment against a former chief financial officer of ValueAct Capital. You may recall that several years ago, ValueAct Capital cleverly bought a huge chunk of Martha Stewart Omnimedia ( MSO ) after Stewart was indicted for insider trading in the stock of biotech company Imclone in June, 2003 . Stewart ultimately went to jail. ValueAct ended up owning 22 percent of MSO and sold most of its stake in 2005 after the stock rebounded, picking up a nice profit in the process. Continue reading The SEC moves against another alleged insider-trading ring The SEC moves against another alleged insider-trading ring originally appeared on DailyFinance on Sat, 31 Oct 2009 20:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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The SEC moves against another alleged insider-trading ring

Filed under: Company News , Technology , Apple This morning, I started getting notes from people saying that Apple ( AAPL ) had notified them of delays in shipping their newly purchased 27-inch iMacs. I chatted with an Apple rep online who told me that indeed there had been delays for shipments of the 27-inch quad-core models. However, the people who told me of the delays had purchased both quad- and dual-core models. This seems to imply some sort of last-minute manufacturing glitch for Apple. The company is known to run an extremely tight inventory ship with Chief Operating Office Tim Cook being among the highest-regarded logistics and operational executives in consumer electronics. Apple keeps very low levels of inventory on hand and is an avid practitioner of just-in-time manufacturing methods. Apple also outsources most of its production to fabrication facilities in China. Its biggest partner there is Foxconn, a subsidiary of Hong Kong electronics manufacturing HonHai Precision ( HNHPF ). Continue reading Is Apple iMac production suffering a slowdown? Is Apple iMac production suffering a slowdown? originally appeared on DailyFinance on Fri, 30 Oct 2009 15:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Is Apple iMac production suffering a slowdown?

Filed under: Company News , People , IBM , Google , Intel , AMD Packed with wiretaps, snappy dialogue and high-profile characters, the insider trading case surrounding the Galleon Group has played out like a B movie so far. But as the investigation grows to include more top executives from some of the world’s most blue-chip companies, investors should take a more sober look at what the fallout for the broader market could be. A broad crackdown on the $2 trillion hedge fund industry could be in the works and that would ravage an already fragile stock market Continue reading Galleon, insider trading probes could slam hedge funds and stock market Galleon, insider trading probes could slam hedge funds and stock market originally appeared on DailyFinance on Fri, 30 Oct 2009 16:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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