After eight weeks of trial, and another 12 days of deliberations, the jury in the insider trading case against Raj Rajaratnam, co-founder of the Galleon Group hedge fund, finally returned its verdict: guilty on all fourteen counts. There are two lessons in this conviction, neither of which are the ones prosecutors hoped to send. First, although the case will generate publicity and chest-beating about insider trading, it ultimately will provide a “road map” for anyone looking to profit by trading on insider tips. Second, and even more troubling for regulators, the case illustrates how the government’s approach to insider trading is illogical and bad policy.
經過8周庭審外加12天仔細商議後，拉賈•拉賈那納姆(Raj Rajaratnam)內幕交易案的陪審團終於做出了裁決：這位帆船集團(Galleon Group)對沖基金聯合創辦人的所有14項罪名均告成立。人們從這一裁決中可以總結出兩條教訓，但這兩條教訓皆非檢方希望向公衆傳達的。第一條：儘管本案會引起轟動，也會對內幕交易起到威懾作用，但它最終將爲那些試圖通過內幕交易牟利的人提供一份「指南」。第二條、也是更讓監管部門煩惱的一條是：本案顯示出，美國政府應對內幕交易的政策是如何的不合邏輯和拙劣。