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Raj Raj Gets 11 Years In Federal Prison
While Angelo Mozilo is working on his tan and pretending he did not engage in blatant 10(b)-5 fraud for years and years. Oh well, justice is served. Don't look for the Gerson Lehrman IPO any times soon.
- RAJARATNAM GETS 132 MONTH PRISON TERM FOR INSIDER TRADING. - BBG
From Reuters:
Raj Rajaratnam, a self-made hedge fund tycoon convicted in the biggest Wall Street trading scandal in a generation, was ordered on Thursday to serve 11 years in prison, one of the longest sentences on record in an insider-trading case but less than prosecutors had sought.
Prosecutors had asked U.S. District Judge Richard Holwell in Manhattan to impose a sentence of at least 19-1/2 years on the Galleon Group founder, the central figure in a sweeping criminal case that touched some of America's top companies, including Goldman Sachs Group Inc, Intel Corp, IBM and the elite McKinsey & Co consultancy.
Defense lawyers had argued that Rajaratnam deserved a much shorter prison term, citing unspecified health problems and arguing that the government was pushing for a punishment more appropriate to a violent criminal.
Prosecutors have called Rajaratnam, 54, the "modern face" of insider trading, putting him in a dubious pantheon of Wall Street power players such as takeover specialist Ivan Boesky and junk bond financier Michael Milken, principal figures in a mid-1980s insider-trading case. Both men served about two years in prison.
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They should have given him the 19-24 years.
Health issues my ass.
So with good behavior he'll be out in 5-6 years?
probably three after a letter from timmay saying he was doing gods work
We're going to need more prisons.
Actually if they stopped putting black people in jail for selling weed there would be lots of space.
'Federal pound-me-in-the-ass prison'
Speaking of which, How does our leqader expect to carry California without the queer and stoner vote?
Did he not contribute to the right senator or something?
Let that be a lesson to you all for trying to disrespect (shortchange) our "elected" officials (gangsters)
Actually, I see this as a really rayciss case. Raj was nowhere near the top of the foodchain, even with his billion or half. He was a wannabe.
The GWS (Great White Sharks) are still swimming free and will be, for some time to come. Lot's more minnows to the Gallows yet. Raj was partially screwed by the colour of his skin. No doubt.
ORI
The Perversion of Language
Amen to that.
Legalize weed.
And ballin' out of control
Raj, next to a ready supply of cartons of Marlboro Reds, this will be your best friend on the inside:
http://1.bp.blogspot.com/_QjkYc8tyjdM/TSDPHnswCGI/AAAAAAAAAPc/u5Nf2HR4JX...
Federal system... he serves it all, maybe 10% for GB but that's it!
Real question is where are the rest of them... you know, the crooks that really look like Wall Street bankers... Oh wait, I get it... it's the visible minorities that are the bad guys!
Off to join the Occupy Bay Street in Toronto this weekend... hope to see some ZH fans there!
BUT SENATORS AND REPS ARE FREE TO INSIDE TRADE....BILL GROSS IS ALLOWED TO INSIDE TRADE...YOU ARE ALLOWED TO HAVE LOBBIEST LISTENING FOR INSIDE INFORMATION IN THE HALLS OF CONGRESS AND SELLING TO THEIR CLIENTS....ANYBODY THAT THINKS THIS GUY DESERVED WHAT HE GOT IS MISSING THE BIG PICTURE.....I WOULD THINK IF WE STARTED HANGING PEOPLE HE WOULD NOT EVEN MAKE THE LIST....
I DON'T KNOW WHY WE'RE YELLING!!!!!
Nah, he'll do 85% which means he will be out probably 9 years and some change.
why do you pre-suppose good behaviour?
Steve Cohen (SAC) and Cramer when he was a hedgie bottom feeder do the same things. Raj should lose his citizenship and be deported after he gets out of the luxury fed prison he will be spending time in.
Can the real tan guy please stand up. Please stand up. Please stand up.
Maybe he can petition to serve part of that doing community service by cleaning windows at a 7-11.
Someone please bend him over and fuck him with a sand paper condom using baby powder as lubricant.
Thanks.
Your favorite way to take it, my dear?
Wishful thinking I 'spose.
Ouch! Remind me to never incite your wrong "side"...
Now he can work on his fat belly while his new pals work on his fat ass... what is the CDS on his colon health?
Now we finally have one convicted. What about the others?
I won't be satisfied until Vikram Pandit, 'God's work' Blankfein and Jamie Dimon are his shower buddies.
One good thing about this discplinary decision is that raj raj will lose weight!
isnt that too harsh....thats like a murder sentence
isnt it somewhat of a death sentence when you rob people of the future wealth forcing them into poverty and how about commodities manipulation that drives up the price of food for the poor worldwide causing starvation and death?
besides, you know damn well he'll walk early or get some sorta presidential pardon
he probably was involved in latest Iran plot...
You gotta know the right people and make sure they're happy with their cut before you start this kind of shit. Oh, and make sure you can pin it on some intern....
Yes, it's much easier to go after some foreigner (or at least looks alien) then a home grown financial fraudster on Wall Street.
What's next?
You'll try to tell me some Mexican drug cartle pawn tried to assassinate an Arab King?
....how gullible do you think I am?
Did you know the word "gullible" isn't in the dictionary?
gullible. Also found in: Legal, Encyclopedia, Wikipedia, 0.01 sec. gul·li·ble (g l -b l ). adj. Easily deceived or duped. [From gull.] gul li·bil i·ty n. gul li·bly adv. gullible ...
http://www.thefreedictionary.com/gullible
Is "sense of humor" in there?
?
What about doublepost?
What about it?
What about it?
Fuckin' Funny...
Fuckin' Funny...
Unlike Mozilo, Raj failed to pay off the right politicians.
Yes, I take it he's not in the club.
Not enough money to buy freedom in this case. A message needed to be sent to all the dark skinned foreigners from Wall Street. Don't take jobs from white male criminals or they will make you pay. Sure, work around the margins so Wall Street can say "Hey, we are integrated!" or "There is a woman around here too somewhere, you must of just missed her!" Raj's problem was he did the work of 5-6 white male inside traders at a fraction of the cost. You know how cranky Streeters get when bonuses are short. 11 year sentence= (avg prev sentences) 2 years x (displaced indigenous insider traders, 5-6) 5.5. And he will bend over and take it, because if he causes a fuss, he will be tied to aiding terrorists and a drone will be sent to his home town.
Hindooos and Jeoos don't know how to give. They only know how to take.
This is nothing short of a travesty of justice. Typical of what passes in the US for a 'pound of flesh"
Meanwhile as TD notes, Mozillo, Bawny Fwank, Dodd, et al get a complete pass on the biggest fraud in the history of the world.
Hell, nobody can even give a legal definition of "insider trading". But don't worry, the kleptocrats at the SEC are busy protecting the public 24/7/365 while surfing for porn 8 hours a day. Sorry to see you get your nuts busted Raj.
I wonder if Barney Frank will become more intelligible once his tongue is cut out...
Hey, he was just a small fish. There are still sharks out there.
I don't believe he did it. He looks like such a nice young man :)
It's just the beginning!
We've only just begun to live
White lace and promises
A kiss for luck and we're on our way
We've only begun
#lmao
He is small potatoes compared to the likes of Dick Fuld, Jamie Dimon and Lloyd Blankfien. When will we see their PERP walks?
NEVER.....no way this administratin ever does the right thing.
How about Blankfein walking over and shaking hands with Raj during the trial? Not sure if there's a video capturing that special moment, but here's the artist rendering. http://in.reuters.com/article/2011/03/24/idINIndia-55830820110324
He'll be out in 3 years on good behavior and start up another hedge fund.
Like other Wall St. failures, he'll have no problem raising billions.
his good behavier will be determine by few pedophiles in the same cell.
Fed charges, so no GB Robo... he'll do at least 10 if he lasts that long
That's not how the federal prison works. You serve the time, period.
Nah, he'll do 'bout 9 years and some change with half way house and all that other Fed rehabilitation bull sh..t
Poor Raj. He should tell them 'look this ain't the 1980s' when inside traders did hard time (Milken). This is the new era
Dammit, I was hoping for 212 months. Hope he brings the KY
I had my money on 144 months in the Raj-O-Jail-Pool...
This will almost encourage insider trading.
Raj apparently needs transplant surgery (and no liposuction is not transplant surgery).
He wants to go home Sri Lanka to get (read BUY) his kidney transplant.
That type 2 diabetes is a bitch. Of course just the unintended consequences of being 200 lbs overweight.
Of course this is a political sentence. They mine as well just admit that they were completely impotent in prosecuting anyone that actually matters, so they got the brown dude on insider trading charges.
Joe Cassano enjoying another sunny day in London, while counting his hundreds of million of dollars, and AIG still in hock to US takpayers for about $130B.
#powertothepeople
"If you're brown, you go down"
"If you're brown, we bomb your town"
etc.
Anybody else see the Irony in that what with our egalitarian leadership these days?
Lizzy you are priceless. Thank GOD, I never under/estimated you.
Throw The Indian Guy Under The Bus
There... Wall Street is all cleaned up...
Time to look forward instead of backwards...
It tooks so long to process, i bet he build his own jail with nice view ...
Conrad Black on his prison time.
http://www2.macleans.ca/2011/09/12/on-scrubbing-showers-navigating-the-prison-economy-and-getting-used-to-sleeping-alone/
Q: Is that what [food] you spent your stamps on?
A: No, we had—to use Lenin’s phrase—a division of labour: I would do some things for some of the inmates, and in return they would do some things for me, and there were better cooks in that place than I am.
sacrificial small fish
Mozilo makes John Thain and Blankfein almost appear to be human beings. They will all rot in Hell. Disgusting that these parasites are all still walking the streets.
Mozilo makes John Thain and Blankfein almost appear to be human beings.
And that is quite a feat.
He will be a hit in prison with moves like this.
http://www.youtube.com/watch?v=DQNFtmqtxRY
"132 MONTH PRISON TERM" - "on five counts of conspiracy and nine counts of securities fraud."
That's less than 10 months/crime. Poor little rich boy.
11 years is ridiculous. It's not just the magnitude of a penalty that discourages people (within reason), it's the likelihood of getting caught.
Think of it like this...
Deterance factor = probability of getting caught X severity of punishment
So in this case, lets say an 11 year sentence for a 56 year old is about a 6 on the severity scale (10 being death, 1 being a trivial fine). Probability of getting caught is still what... 1 in 1000? How many other people are out there blantantly cheating the financial system? 10,000? Let's be conservative, saying the probaility is 0.001
So we've got
Deterance factor = 0.001 * 6 = 0.006
Or, we could have something like:
1 year in jail for insider trading (that's like a 4 on the severity scale*), but actually police, charge and prosecute people for it!!! If the probability of being caught is significantly higher, lets say 0.8, then you get:
Deterance factor = 0.8 * 4 = 3.2
Yes these are completely bullshit made up numbers, but the point is that if it's still completely unlikely that you will get caught for it, then it doesn't really matter how 'severe' the sentence is in deterring others from teh same crime. On the other hand, you could significantly reduce the penalty, if it was much more likely someone would be caught.
How many people would be willing to risk a year in prison if it was extremely likely they'd get caught? As it stands, it's pretty damn unlikely (look at all the convictions!!!!) so people risk it.
He needs to take a copy of that 3000 year old fuckbook with him, the Kama Sutra. And some Tucks medicated pads.
the sentence was not only for him, it was for others too notice... and i bet if they would shot the guys, others would think twice before doing something wrong.
Does he get to keep his cash? Haven't heard anything about monetary penalties...
"The judge also fined him $10 million and ordered him to forfeit $53.8 million, which Holwell said approximated the illegal profits and avoided losses from the trading scheme."
As mentioned above, we have an "Occupy" this weekend in TO. Looking for something short and sweet for a sign and thought I'd throw it out there for ZH feedback... so far I've got a Gretzky sweater for the 99%er angle, and just a simple GREED KILLS (maybe dripping in blood) for a sign, but I'm sure someone out there could do better...
Thanks in advance for the suggestions... and no I will not stay there and never return, sorry... lol!
How about:
Morals > Money
@nedwardkelly Very good point- also a ridiculous thing is that the SEC never actually investigates really suspect market behaviour where informed people like on ZH can easily see or suspect foul play. The guys live in stone age bureaucracy. Hell it would be 100x better than the SEC to have a privately funded agency by contributions from investors to police the market and investigate suspected fraud. Think Markopoulous partners. I know i would probably contribute to such a company if they bring on legal actions against all the crooks.
Let just hope it's a Federal-Pound-Me-In-The-Ass-Prison.
1 down, millions to go....
Good start.
.
.
An hedge-fund honcho named Raj
Had a backside as big as a barge,
His cell-mate named "Honey"
Claimed he'd make loadsa money
Should he rent it out as a "garage"
We are suffering because our fathers and grandfathers let the Jews enter this country. Our sons and grandsons will suffer because we let the Indians get in this country.
All the while insider trading is perfectly legal for those elected to congress.
The Indian version of Martha Stewart.
Raj is my dude, no matter what, he is just one of the many who actually got stupid, too greedy and got caught.
He should have been out the game along time ago.
And as for the snitch ass bitchez that rat him out, i'd say to hell with all rat bastards. Do the time if you do the crime.
If this guy was a yid, he wouldn't be doing time.
Like a 'federal pound-me-in-the-ass' prison?
Fuck 'em.
Milken and Boesky only served 2 years because they're Jews. But Raj is a brown Goy. Big difference in USSA and the Bolshevik/Fascist courts.
Raj Rajaratnam is the only corrupt Wall Streeter who has gone to prison since the financial crisis in 2008... and not because he scammed his clients but because he scammed Warren Buffet and Goldman Sachs! http://www.thenakedemperor.com/oligarch/raj-rajaratnam