Bad news for Raj

Craig Drimel

A relative small fry gets 5 1/2 years in prison for his  role in the Galleon Group insider trading scheme.  Looks like Raj will get the full 25 years the government’s asking for. That’s a sentence that, at 25, might, maybe, be bearable, but speaking as someone roughly Raj’s age, you’re looking at losing what’s left of the good part of life.

Several us were discussing this over the weekend – why would a billionaire risk all this just to maybe add a couple of million to his wealth? Conclusion: ego and the desire to win. Even dumber, as the feds drew close, why didn’t he flee to his native Sri Lanka, where they worship him and would never extradite him? We couldn’t figure that one out.

3 Comments

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3 responses to “Bad news for Raj

  1. Anonymous

    Oof, looks like Drimal earned that sentence for refusing to cooperate with the FBI when they came calling and for warning others.
    Interesting story from WSJ on the privacy angle here: http://online.wsj.com/article/SB10001424052748703367004576289460623783314.html#articleTabs%3Darticle

    I wonder if John Kinnucan will one day come to regret his decision to tell the FBI to eff off as badly as Drimal must be doing right now.

  2. Inagua

    “… why would a billionaire risk all this just to maybe add a couple of million to his wealth?”

    Because insider trading was all he knew and all he could do. You seem to think he earned a billion legally and ten decided to frost the cake with an occasional inside trade. Raj was a full time cheat, just like Bernie Madoff. Neither one of them ever earned any real money through honest investing.

    The real question is why didn’t Raj stop after he had cheated his way to a comfortable life. Because he is a delusional egomaniac. Smart inside traders quit early and don’t get caught.

  3. Peg

    Yeah, I think Inagua is correct about the delusional part.

    In bridge, there was a player who was exceptionally talented. He would have won far more than most, given his abilities. But – he wasn’t satisfied with that. He cheated, to enhance his chances even more.

    He was caught – then after a period of time, given a second opportunity to come back and play. After this, he was under surveillance – and was caught again, on video tape, cheating. Now he is banned forever.

    What else can it be than delusion?