Streams

Wall Street Titan Convicted

Thursday, May 12, 2011

John Coffee, Adolf A. Berle Professor of Law at Columbia University School of Law, discusses Raj Rajaratnam, the hedge fund boss who has been accused of insider trading and has been found guilty of conspiracy and securities fraud.

Guests:

John Coffee

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Comments [16]

eva

"The person who was convicted is part of the group of people who thought they could get away with it, like the loan officer in my mortgage fraud case."

Eugenia, this Raj peewee has about as much to do with your dilemma as an imprisoned pot smoker has to do with Mexican drug cartels.

I don't think you understand that his conviction is a side-show, and the real crooks are still free, and grossly well-compensated at our expense.

May. 12 2011 01:10 PM
Eugenia Renskoff from Brooklyn, NY

Eva, I did listen to the last 3 minutes. The person who was convicted is part of the group of people who thought they could get away with it, like the loan officer in my mortgage fraud case. Protesting on the streets is agood idea. Getting the government to see that these people deserve punishment and that there has to be money back paid to those they wronged is a lot tougher. Eugenia Renskoff

May. 12 2011 12:45 PM
eva

"His action affected many people and did a great deal of harm. To me, justice will not be served until I (and many people like me) get our money back after we lost our homes to mortgage fraud and predatory lending."

No, Eugenia, Raj did almost nothing to harm you on a relative basis. He's not a mortgage lender, he's not Blankfein or Dimon.

Please (please) relisten to the last three minutes of the show wherein the prof makes essentially that point.

Then go out and protest in the street, where it might count.

May. 12 2011 12:33 PM
Eugenia Renskoff from Brooklyn, NY

Hi, Brian, As a strugging person, I find it very sad that this man did what he did and thought he could get away with insider trading. His action affected many people and did a great deal of harm. To me, justice will not be served until I (and many people like me) get our money back after we lost our homes to mortgage fraud and predatory lending. Eugenia Renskoff

May. 12 2011 12:05 PM
eva

Brian from Hoboken:
You're wrong, most of the comments here and on the Times are focused not on hedge funds but on Goldman/BankofAmerica/Citi/AIG and, collectively, the regulatory capture effected by the banks.
In other words:
Free Raj, Jail Blankfein.
Got it?

May. 12 2011 12:00 PM
Brian from Hoboken

Really? Most of the commenters on this site discuss the typical evil hedge fund manager all the time. So the government nabs one for insider trading and now the comments come pouring in that it was a biased or targeted prosecution because he is not white? Please. The guy was stupid/arrogant enough to openly discuss inside information on the phone and got nabbed. Who cares what color he is? The same federal district court went after and convicted Martha Stewart in an insider trading investigation! Is she not white enough? Be happy that at least some of these crooks are getting their comeuppance.

May. 12 2011 11:01 AM
whoindatgarden from Brooklyn

Nothing unusual. This guy just got caught. Everyday insider trading is happening, just the way it is. If you think otherwise it is being naive.

May. 12 2011 10:43 AM
jason from manhattan

This 50-year-old white CPA will be a lot less cynical about this debacle and who does/doesn't get convicted/go-directly-to-jail when one of the white guys running one of the big firms does the perp walk. Ain't gonna happen. Way to go, DOJ: the face of evil is brown.

May. 12 2011 10:42 AM
Edward from NJ

All written electronic communications are monitored and preserved by investment banks based on SEC compliance requirements. Given the dropping cost of data storage, it wouldn't be unreasonable to require recording and storage of all phone calls as well.

May. 12 2011 10:41 AM

silly... he is behaving as any decent journalist would -- or investor -- the corrupt sources are the villians here.

May. 12 2011 10:39 AM
jeff Bordes from Wall Street

This guy is no titan. He's a tinnie winnie.

Thats why he was convicted.

I did not hear one of the corrupt executives that peddled Mortgage backs get charged.

Country wide CEO had to make a small bribe to some governmental agency to get off.

Who else got charged?

right,

Obama the hot winded president really took charge on wall street... hahaha ... that was a funny joke, everyone working on wall street gets it...

May. 12 2011 09:26 AM
eva

Sorry, that's "find Breitbart on WNYC" not "fund Breitbart on WNYC".

May. 12 2011 08:26 AM
eva

"ahh.......any people with more "american" sounding names convicted. why this guy,why now,and why not deal with the lax regulatory system, and its failure. another plate of smoke screen diversion,served up for public distraction. this is meaningless."

EXACTLY.

Will WNYC, which spent time yesterday pitching Breitbart and his book, tell us about the protests planned for today? Bill Cohan did.

That's not snark but an honest question. I'm in shock that Cohan took the step of, let's face it, inciting folk to protest in the street. (I was also shocked to fund Breitbart on WNYC, then again, in hard times, you never know what you'll do for cash.) Cohan's move, however, appears steeped in decency.

May. 12 2011 08:22 AM
a g from n j

going after an "unethical" hedge fund boss, is sort of like going after a hit man, because he is torturing people,instead of "humanely" executing them.

May. 12 2011 07:39 AM
a g from n j

ahh.......any people with more "american" sounding names convicted. why this guy,why now,and why not deal with the lax regulatory system, and its failure. another plate of smoke screen diversion,served up for public distraction. this is meaningless.

May. 12 2011 07:30 AM
eva

Today, William Cohan informed me, through the Times, of the large protests set for May 12 (today.)
Will WNYC get to cover this?

May. 12 2011 04:28 AM

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