Streams

Hedge Fund Boss Took Loss on Trade Despite Tip, Says Witness

Tuesday, March 15, 2011

Hedge fund boss Raj Rajaratnam, accused of insider trading, took a hit on a trade even though he had been tipped off, according to a government witness who testified in Manhattan court Tuesday.

In a secret recording played for jurors, Rajaratnam, founder of the Galleon Group, told an employee he "had a big bet" on a multibillion-dollar deal that was then a secret but was announced the following day.

Rajaratnam learned about the deal from Anil Kumar, the financial consultant accused of paying for insider information.

As the market was plummeting in 2008, Kumar said the deal went through and that Rajaratnam lost "quite a bit."

Guests:

WNYC Newsroom

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by