Insiders on Wall Street: Charged

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3.         Is there something that we are missing?                  
4.  I recently read an article about the crackdown on Wall Street crime (Time Magazine “The Street Fighter”, February 18^th ed; by Massino Calabresi and Bill Separitto.  In this article the U.S.  Attrny. General for New York, Preet Bharara; gives a step by step detail into how he took down many Wall Street insiders.  Excited needless to say; I got right into this article, but there were hints in the articles attributes to the deep pool of dark hidden knowledge that we the people never get to see.

I contintued to read soaking up what I was finding. I found the article to be an interesting dialog into my last blog, "the Deads" (see below). In this article Bharara expresses his passion for the undercover work of wiretapping and FBI affiliation.  He gives us a tour of how he was able to trace millions of dollars lost because of the crimes on Wall Street.  He also goes on to express his affiliation to both the Obama and the Bush administration, puting him high on the latter of information guru. 

Bharara proclaimed himself to be best friends with the old deputy White House counsel for Bush;  Viet Dinh.  With this said it becomes quite obvious that Bharara had the power to do the job.  Bharara and Dinh were best friends since the time of their college days.  Both truly blessed with high ranking jobs as U.S. attorneys. 

Time magazine brings us a list of all the people Bharara busted with his wiretaps.  Many to whom, work for high-end multi $1,000,000,000 companies.  Companies like "Level Global and The Galleon Group", were mingled with in the insider trading.

The Insider Traders List

·         Raj Rajaratnan (Galleon group) charged 11year sentence ($72,m)

·         Danielle Chiesi,  (New Castles funds) sentenced to 30 months

·         James Fleishman (Primary Global Research) sentenced 30 months

·         Walter Shimoon (Flextronics)

·         Rojat Gapta (Mckinsey & Co.) charged on 10/26/2011; hasn’t gone to trial

·         Anthony Chiasson (Level Global) Trial pending

          (Time Magazine, “The Street Fighter”; by Massino Calabresi and Bill Saparitto)

According to this article in Time Magazine; “what Bharara was listening for (in wiretap) on a conference call in November 2009 was very specific”. They were taping conference calls of large trader organizations to pinpoint exactly where the trouble would resonate from.

Bharara had to legally get a warrant to tap the phones of these high rollers; to make shore it was legal on his end.  They were after (according to Bharara): “nonpublic information that could move stock prices.  It is a violation of Federal Securities law to conspire to make money on ‘Material Nonpublic Information’ (MNI), and in an FBI affidavit filed to the U.S. District judge, Kevin Duffy the Fed’s claim probable cause against at least eight of the potential 104 people who use the PGR line.  Duffy granted the wiretap in early October 2009” (time magazine).  

This was the move to get the ball rolling on all the crackdowns of insider trading on Wall Street. In this article there was a lot to be read about Bharara and his great crackdown on the criminals of the Wall Street venue.  Reading further into the article we’d find many links that paint another pitcture about Wall Street, Government and their deeds.  The presidential connection to the investigation shines questions concerning leaks on all sides.  Of course, all these connections in the investigative history of Wall Street always tend to be very messy period.

We all remember that President Bush pardoned every one in his cabinet before he left office (this includes himself).  Therefore if Viet Dinh was the deputy White House counsel for the Bush Administration then he too was pardoned.  Dinh was, or is still best friends with Bharara.  Preet Bharara is the Indian lawyer who has been going after Wall Street.He was the center piece for the article in Time Magazine.  The question I'm going to ask, is one of those questions that always gets me in trouble; who tipped off  Bharara?

How did Preet Bharara know about the inside trading?  After all he is now working for the Obama Administration, as Prosecuting Attorney for New York.  Did he have information passed on to him from the prior presidential administration?  My point being could Bharara have received a tip from his friend who once worked for the Bush Administration?  We all know that this recession began towards the end of the Bush Administration.

 It all revolved around Wall Street, Government and questionable practices.  Even if it was true and Bharara received his information from his friend Dinh, it would not matter because Dinh would already be pardoned from any wrong doing by President Bush.  There is a lot going on here and it will take time for this puzzle to come together but I am on the job.  So if you cannot see where I’m going yet with this, then stay in touch for “Part 2”, when I finish putting the scenario together in these concerns to Wall Street and governing connection.


 L. Fair M.Div., B.M.Sc.

Preet Bharara - Wikipedia, the free encyclopedia