Word: fund
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...July 19, 2007, Google reported earnings that were lower than what analysts had expected, and the tech company's stock price dropped 5% - but Raj Rajaratnam made $9 million. Allegedly, the New York hedge-fund manager had gotten a tip that Google's earnings would be below expectations, so he was prepared with short positions and put options that would become more valuable as the stock price fell. The alleged source of the tip: an employee at an investor-relations firm that helped Google announce its earnings who wanted to be paid for similar informational gems in the future...
...case is being billed as the largest hedge fund insider-trading case in history - its importance underscored by the fact that the feds got a wiretap to collect evidence, a technique normally reserved for drug busts and organized crime. "This is a monumental step for the government," says Stetson University law professor Ellen Podgor. "This is not the typical way you do a white-collar case." (See the top 10 crooked CEOs...
...senior vice president at IBM handing over details of Sun Microsystems's financials, which he had access to only because IBM was contemplating buying Sun. A managing director of Intel passing along the company's revenue and profit numbers before they were publicly released and later asking his hedge-fund consort for a job with one of his "powerful friends...
...Thanks to the FBI's wiretap, the complaints - filed by the U.S. Attorney's Office (criminal) and the Securities and Exchange Commission (civil) - contain some amazingly sordid snippets. In one, Rajaratnam and Danielle Chiesi, a portfolio manager at another hedge fund, apparently discuss how to avoid attracting the attention of regulators. In another, the two contemplate whether the senior vice president at IBM would be more valuable to them at a different firm. In a third, Chiesi, upon sharing non-public details about an upcoming reorganization of the microchip maker AMD, tells an alleged co-conspirator...
...Eelam (LTTE) and of using his financial strength to gain a foothold on the Sri Lankan stock market and manipulate it to suit Tiger strategies to undermine the Sri Lankan economy. Though he has not faced any formal charges in Sri Lanka, Rajaratnam and the Galleon Group, the hedge fund he founded, have been linked by Sri Lankan financial authorities to a pending court case in which a sitting parliamentarian is among the accused facing charges of violating exchange control rules. (Watch a video about the final days of Sri Lanka's civil...