Forget Everything You’ve Heard: Raj Rajaratnam Never Traded on Inside Information


Lawyers for the Galleon founder rejected insider-trading charges against him this morning. In their reply, they tried to make the case that the supposed “proof” the government heard over wiretap (such as Raj shouting “Bring it on, baby,” at an accomplice) was obtained improperly, and therefore should not exist. And even if Raj had received insider information, they pointed out, “the information he supposedly received on the stocks in question was less precise and less detailed than Galleon’s own research,” which as we know was very hands-on. So there. [DealBook/NYT]