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Heart prosecutors in the insider trading case against the billionaire hedge fund manager Raj Rajaratnam.
Not wasting any time already they played some wiretaps of the defendant for the jury.
But is the government's case really that strong or they just trying to make an example of mr.
-- -- now.
Let's bring in Charlie Gasparino senior Fox Business correspondent and Elizabeth no Wiki Tulane University professor former SEC attorney.
-- -- you have spoken before and we are still awaiting their first agreement on this case or on anything else that's there to fix -- my -- I was gonna say at least.
Your half dressed for the -- Charlie this is ridiculous -- -- land where the heck happened militarily from hobby Elizabeth give us your analysis of last week at the trial because of we said.
They pretty much got right to it on the prosecution side.
That's right the government started off strong and I think they really set the tone for the case they had live witnesses they had clips from.
-- from there from their.
Why wiretaps -- the government made clear this wasn't a case of -- doing his research this was the case of McKinsey and other insiders.
Being heat to give right information it's tough to recover from that for the defense.
Not looking good for.
-- it's and it's I mean I think the army -- an example of them there's no doubt about that one of the things I was struck by.
Was the fact that the prosecution concedes that -- -- You know in -- she ended up all his allegedly ill gotten gains he he ripped off forty million dollars now that sounds like a lot to the average guy.
But think about it yes the Securities and Exchange Commission where it was we used to work to justices department.
Has spent millions.
Cracking down -- about forty million -- -- shouldn't prosecute -- just we make a point millions upon millions cracking down on a forty million dollar crime.
Why they allowed Bernie Madoff and they did allow Bernie Madoff to get off Scot free for ten years that would be my first point my second point is that yes yes he did use the use your your -- -- colleagues at the DC it'll percentage you will.
-- absolutely accurate your old colleagues at the SEC -- were presented with evidence about Bernie Madoff.
At least six times and they ignored it that's the first point I want to make and while they were ignoring that.
You know they they they found a forty million dollar -- over -- let's sort of responded that I -- make one other point I don't think I think that you know last week was very damp for rush on this one issue this is where I think.
It pass over the -- a lot of people.
He tried to explain his trading of Goldman's stock -- -- what Goldman stock.
Before Warren Buffett made that -- capital infusion he said he was doing -- because he heard.
He knew that the harp the bailout plan was -- was about to be was about to be unleashed and they and Goldman was going to be bailed out -- I don't there's so many holes in that first off the talking about.
Getting ten Goldman get ten million dollars and and the TARP the ten million dollars didn't come until much much later that was even on the table at first the second point is TARP.
Even at that point was very unclear whether congress is gonna pass so look like he knew -- it looked like he knew about it from inside information is under a second set what do you say about them the Mitt.
Madoff vs Raj charge there Elizabeth.
I don't even know without much does that.
I don't think anybody believes the FCC handled the Madoff matter.
And as a stupidly as they should have bats and I don't think anybody would disagree with that but doesn't necessarily mean we shouldn't traffic -- -- and held my -- -- -- that.
Tell and minimize the extent this insider trading case let's remember.
Her dozens of parties analysts networks up high left right executive and candid and direct and it's heading up the floor -- million dollars.
An insider to.
No Charlie only known as -- -- -- yeah.
Hence it's forty million got a knack and honestly think and here's the hearing people how -- -- -- -- how talented outlook and of that is after -- lose -- how much did broad ripple the government says it's forty million.
And OK here's the thing I say it but I.
I know how much does that -- here's what it rather trade Elizabeth unlock the good -- Here's why and athletes who were involved in this case you want an -- up then undermines gave Wal-Mart is -- -- -- that -- -- Jay walking is illegal and here's my only point about this.
How much Asia wantonly break the law and obviously -- there are laws on the books what do you think it surgeries victim was -- is neither here and there he should be doing.
That said the SEC is and is an agency.
That focuses on little specs on the floor.
While they forget and ignore the big picture items and because of that.
We had a sub prime crisis because of that we had Bernie Madoff ripping off yeah.
Now I -- I million.
You only now Billy your own and at all yeah I don't make this -- nothing to do with.
The to mind the economy had nothing to do jury at Disney were -- battery into now they charge of setting capital standards and they didn't.
That you are trying you are trying to defend I simply -- capital.
Standard RE NT SEC examined the hate capital standards as evening fell down on the job -- -- -- -- judge -- one point the department.
The Department of Justice is prosecuting this current insider trading case not -- -- the little thing you're here.
Thanks guys well I can and I.
Thanks to both of you Elizabeth did Charlie that's our unique analysis of the Raj Rajaratnam trial you won't see stuff like this on our house -- -- thank -- where else do you find that the defendant over forty million.
-- got an -- about adults aren't.
You know until I heard that it's a cheap shot to order a target figure did she -- -- right there are right now let's move on back to some.
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