Skip to: Content
Skip to: Site Navigation
Skip to: Search

SUNDAY, NOVEMBER 22, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


13

Look Out, Wall Street: Feds Using Wiretaps Now

Insider trading case against Galleon is first to use the tactic

Share

(Newser) – The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their use in the Rajaratnam case is "unprecedented," says the US attorney with jurisdiction over Wall Street's biggest players.

“What’s very unusual is that the case is built on wiretaps,” a former federal prosecutor tells Bloomberg. “You need very specific and timely evidence of criminal activity before a judge is going to let you go up on a wiretap.”

Mark Kurland is led in handcuffs from FBI headquarters in New York Friday, Oct.16, 2009.
Mark Kurland is led in handcuffs from FBI headquarters in New York Friday, Oct.16, 2009.   (AP Photo/ Louis Lanzano)
Raj Rajaratnam, billionaire founder of the Galleon Group, is led in handcuffs from FBI headquarters in New York Friday.
Raj Rajaratnam, billionaire founder of the Galleon Group, is led in handcuffs from FBI headquarters in New York Friday.   (AP Photo/ Louis Lanzano)
Raj Rajaratnam, billionaire founder of the Galleon Group, is led in handcuffs from FBI headquarters in New York Friday.
Raj Rajaratnam, billionaire founder of the Galleon Group, is led in handcuffs from FBI headquarters in New York Friday.   (AP Photo/ Louis Lanzano)
« Prev« Prev | Next »Next » Slideshow
13 comments
VIEWING:
 
Mia
Oct 17, 09 1:25 PM CDT
Why didn't he just outright say, "Shut the fuck up boys!!!" Reply
Vote up! Vote down!
+1
SemperFI
Oct 17, 09 1:55 PM CDT
Bye Bye all you Gordon Gekko wannabes.You and Bernie can trade jabs in Federal prison Reply
Vote up! Vote down!
+2
Jayster999
Oct 17, 09 1:57 PM CDT
Well they wiretap the rest of us, so why not? Reply
Vote up! Vote down!
-7
IN RESPONSE:
Snowleopard
Oct 17, 09 2:20 PM CDT
I'm fine with wiretaps as long as there's a warrant and probable cause. My issues are with the Bush Administration and the Patriot Act, which did away with these requirements. How about the tea baggers start raving against the republicans, since they were the ones undoing the constitution?
Vote up! Vote down!
+15
IN RESPONSE:
Rocket448
Oct 17, 09 2:48 PM CDT
I'm fine with warranted wiretaps. That means there's probable cause that those being overheard are breaking the law....and I bet you dollars to doughnuts those assholes on Wall Street who think they're Masters of the Fucking Universe are colluding their asses off to make fortunes with OUR MONEY. Listen, in terms of destructive power, our home-grown finance guys have done more damage in the past 3 years than the past decade of Islamic Terrorism...more maybe than ALL international terror EVER. I'm sure the lives of many people in law enforcement have been harmed by Wall Street adventurers; its only fair that they should be the ones to bring the wrong-doers to justice. Oh, and why aren't our elected representatives as angry as I am? I'll give you 3 guesses -- and the first two don't count, since you already know the answer! Its the same answer as for the "why is health care insurance reform so difficult?" and that is: because of MONEY! Money in the pockets of people charged with making laws, and money in pockets of people who enforce the laws. Get over any naive view you may have about our nation and just admit it: we have the best government money can buy.
Vote up! Vote down!
+7
LEAVE A
COMMENT
Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.