Raj Rajaratnam, the billionaire investor who once ran one of the world’s largest hedge funds, was found guilty of fraud and conspiracy on Wednesday by a federal jury in Manhattan. He is the most prominent figure convicted in the government’s crackdown on insider trading on Wall Street.Since the media will ignore Rajaratnam's connections, we may as well fill in the gaps.
Mr. Rajaratnam, who was convicted on all 14 counts, could face as much as 19 and a half years in prison under federal sentencing guidelines, prosecutors said on Wednesday.
Mr. Rajaratnam is expected to appeal.
The government built its case against Mr. Rajaratnam with powerful wiretap evidence. Over a nine-month stretch in 2008, federal agents secretly recorded Mr. Rajaratnam’s telephone conversations. They listened in as Mr. Rajaratnam brazenly – and matter-of-factly – swapped inside stock tips with corporate insiders and fellow traders.
He's lavished money on Democrats for years. Rajaratnam was even more generous with Obama, as well as with Hillary Clinton. It's quite amazing how many of her fatcat fundraisers have wound up in prison or under indictment. Rajaratnam donated over $30,000 to Obama in 2008. Gupta also showered money upon former Connecticut Senator Chris Dodd, who instead of facing charges for his role in the Fannie Mae/Freddie Mac/Countrywide scandals has landed a cushy, high-profile lobbyist gig.He also has possibly been funneling money to a terrorist group.
Rajaratnam was also a guest of Obama at a White House state dinner.
Here's a little test case on media bias for you: Compare how many times today you hear that Obama suddenly has a 60% approval rating (a result of a fraudulent AP poll, of course), then count the number of time you hear about a buddy of Obama being found guilty in federal court.