Washington Post (May 12)
Hedge fund billionaire Raj Rajaratnam, who headed Galleon Management, was convicted of fraud and conspiracy in connection with insider-trading. “The verdict is a historic achievement for the Justice Department.” The government was able “to show the jury a dark side of the hedge-fund business that was long suspected.” Evidence included recorded wire taps of Rajaratnam receiving and forwarding tips. Alleged tipsters in this high profile trial included Rajat Gupta, the ex-head of consulting firm McKinsey & Co and a former Goldman Sachs board member.
Hedge fund billionaire Raj Rajaratnam, who headed Galleon Management, was convicted of fraud and conspiracy in connection with insider-trading. “The verdict is a historic achievement for the Justice Department.” The government was able “to show the jury a dark side of the hedge-fund business that was long suspected.” Evidence included recorded wire taps of Rajaratnam receiving and forwarding tips. Alleged tipsters in this high profile trial included Rajat Gupta, the ex-head of consulting firm McKinsey & Co and a former Goldman Sachs board member.
New York Times (February 16)
Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”
Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”
Tags: Fraud, Hedge funds, JPMorgan Chase, Madoff
The Economist (May 20, 2010)
Despite a massive $950 billion rescue plan, investors “remain nervous” about the euro. More worryingly, European leaders remain confused. Major changes are necessary to save the euro: “How sad that most euro-zone governments still do not seem to get it; how pathetic that they cover their ignorance by blaming hedge-fund managers in London.”
Despite a massive $950 billion rescue plan, investors “remain nervous” about the euro. More worryingly, European leaders remain confused. Major changes are necessary to save the euro: “How sad that most euro-zone governments still do not seem to get it; how pathetic that they cover their ignorance by blaming hedge-fund managers in London.”
Tags: euro, Hedge funds, Investors
