Goldman Sachs Group (NYSE:GS) Chairman and Chief Executive Officer Lloyd Blankfein will be called by U.S. prosecutors to testify as a government witness at the insider-trading trial of Galleon Group LLC co-founder Raj Rajaratnam, according to Bloomberg.
In a letter sent yesterday to U.S. District Judge Richard Holwell, who is presiding over Rajaratnam’s trial in Manhattan, prosecutors sought to limit Blankfein’s cross-examination by defense lawyers, including “whether Goldman Sachs is presently the subject of any pending investigations by either the Department of Justice or the U.S. Securities and Exchange Commission” and whether Goldman Sachs bears any responsibility for the 2008 financial crisis.
After testimony concluded today, Holwell said that he will hear oral arguments regarding “the Goldman letter” tomorrow morning before testimony resumes.
Rajaratnam, 53, is on trial in the largest crackdown on hedge-fund insider trading in U.S. history. The Sri Lankan-born money manager is accused of making $45 million from tips leaked by corporate insiders and hedge fund traders.
Goldman Sachs closed Tuesday at $160.79, gaining $0.58, or 0.36 percent.
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Showing posts with label Raj Rajaratnam. Show all posts
Showing posts with label Raj Rajaratnam. Show all posts
Wednesday, March 23, 2011
Monday, March 7, 2011
Lawsuits for Intel (INTC), AMD (AMD), eBay (EBAY), IBM (IBM), Xilinx (XLNX), Polycom (PLCN), Spansion (NASDAQ:SPSN)?
With the trial of Galleon Group founder Raj Rajaratnam about to start this week, companies which allegedly supplied insider information to Galleon executives, such as Spansion Inc. (NASDAQ:SPSN), Intel Corp. (NASDAQ:INTC), Advanced Micro Devices Inc. (NYSE:AMD), eBay Inc. (NASDAQ:EBAY), International Business Machines Corp. (NYSE:IBM), Xilinx Inc. (NASDAQ:XLNX) and Polycom Inc. (NASDAQ:PLCN), could find themselves being the recipient of lawsuits, according to a Bloomberg report.
"If a company made a decision for whatever reason that it wanted to make information available to select individuals, that in my opinion would be unlawful," Bloomberg cited Mark Rifkin, of Wolf Haldenstein Adler Freeman & Herz LLP, as saying. "We’re paying close attention to the entire insider trading case as it unfolds because you never know what’s going to happen."
The trial of Galleon Group LLC co-founder Raj Rajaratnam, 52, starts on Tuesday after months of legal battles about whether wiretaps and other information gathered during a long investigation will be admitted as evidence. Rajaratnam faces a possible 10 years in prison if convicted.
Full Story
"If a company made a decision for whatever reason that it wanted to make information available to select individuals, that in my opinion would be unlawful," Bloomberg cited Mark Rifkin, of Wolf Haldenstein Adler Freeman & Herz LLP, as saying. "We’re paying close attention to the entire insider trading case as it unfolds because you never know what’s going to happen."
The trial of Galleon Group LLC co-founder Raj Rajaratnam, 52, starts on Tuesday after months of legal battles about whether wiretaps and other information gathered during a long investigation will be admitted as evidence. Rajaratnam faces a possible 10 years in prison if convicted.
Full Story
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