The U.S. DOJ announced that it has filed charges against several people involved with the Galleon Group hedge fund, including founder Raj Rajaratnam. The Galleon Group has about $3 billion under management, and is highly involved in high technology stocks.
The charges stem from insider knowledge involving trades of stocks, including Hilton Hotels, AMD (AMD), Clearwire (CLWR) and Google (GOOG), Akamai (AKAM). A number of other individuals were named in the complaint, including an executive from Intel Capital, the venture capital arm of Intel, and one from McKinsey & Company.
All of these white-collar-thieves must be severely punished if found guilty of these high crimes against the public’s interest in seeing honesty in the stock market. How much money is too much for these jokers? These individuals are making tens of millions of dollars each year. Why do they have to steal? Are they bored?
Like you, I am absolutely fed up with white collar criminals in the stock market and banking industries. Look for these fine folks to spend several decades living in a 6 x 9 space in a nice federal prison.
Here’s the indictment (via DealBook)