MORE ON: Guilty Plea In Rajaratnam Case

There are more details in a number of articles this morning about the guilty plea entered yesterday by former McKinsey director Anil Kumar in the insider trading case also involving hedge fund billionaire Raj Rajaratnam. For example: 

·                     After Kumar allegedly

passed some insider information to him, Rajaratnam allegedly told Kumar, “Anil, you are a hero.”
·                     Kumar is the seventh person who has pleaded guilty and agreed to cooperate in the case.
·                     Rajaratnam’s lawyer John Dowd said Rajaratnam “did not make payments to Mr. Kumar or anyone else in return for providing inside information.”
·                     In seeking a reduction in Rajaratnam’s $100 million bail, his lawyers argue that the “real reason that the government opposes any bail reduction is that it wants Mr. Rajaratnam to bear the stigma of what some sources have reported is the highest-ever bail in the U.S. history.”
 
Either Dowd is waiting for what he considers the right time to start defending his client, or he may not have much more to say....
 
See “Ex-Consultant Pleads Guilty in Galleon Insider Case,” by Zachery Kouwe, at http://www.nytimes.com/2010/01/08/business/08insider.html?hpw; “Ex-McKinsey partner pleads guilty in Galleon case,” by Alistair Barr, at http://www.marketwatch.com/story/ex-mckinsey-partner-pleads-guilty-in-galleon-case-2010-01-07; and “Former McKinsey Boss Admits Fraud Charges,” by Damien Pearse, at http://news.sky.com/skynews/Home/Business/Anil-Kumar-McKinsey-Man-Pleads-Guilty-To-Fraud-In-Insider-Dealing-Case-Involving-Raj-Rajaratnam/Article/201001215516905?lpos=Business_First_Buisness_Article_Teaser_Region_2&lid=ARTICLE_15516905_Anil_Kumar%3A_McKinsey_Man_Pleads_Guilty_To_Fraud_In_Insider_Dealing_Case_Involving_Raj_Rajaratnam.