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2012-01-23 11:39 AM
The penalties imposed on Rajaratnam is grossly disproportionate to his alleged gains with insider knowledge. The full extent of the prosecution's case was what they gathered on their wiretaps and depositions given by disgruntled employees guilty of other crimes and given deals. On the incoming calls offering insider information Rajaratnam had no control and furthermore, there was no evidence he profited by them. I am amazed the jury convicted him on all counts against such flimsy evidence but as this article maintains, the jury was probably preoccupied on a different agenda. At worst, Insider Trading could be deemed unfair to some people some time. At best, it stimulates trade and a whole bunch of people besides the trader make money out of it. The best controls to eradicate Insider Trading that would be fair to everybody is what is being done in China. China's stock market regulators require listed companies to keep records on anyone, including shareholders, investment bankers, lawyers and government officials, who may have access to price-sensitive information. Any whiff of an Insider Deal, these records are accessed and investigated.
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