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.
经过8周庭审外加12天仔细商议后，拉贾•拉贾那纳姆(Raj Rajaratnam)内幕交易案的陪审团终于做出了裁决：这位帆船集团(Galleon Group)对冲基金联合创始人的所有14项罪名均告成立。人们从这一裁决中可以总结出两条教训，但这两条教训皆非检方希望向公众传达的。第一条：尽管本案会引起轰动，也会对内幕交易起到威慑作用，但它最终将为那些试图通过内幕交易牟利的人提供一份“指南”。第二条、也是更让监管部门烦恼的一条是：本案显示出，美国政府应对内幕交易的政策是如何的不合逻辑和拙劣。