Yesterday’s Tamil hedge fund mapillai but today’s alleged Wall Street criminal and billionaire Raj Rajaratnam is winding down his Galleon hedge fund.
In a letter to investors, Rajaratnam, who was arrested last Friday on insider trading charges and is now out on $100 million bail, wrote:
I have decided that it is now in the best interest of our investors and employees to conduct an orderly wind down of Galleon’s funds while we explore various alternatives for our business.
In the letter, Rajaratnam repeated his claims of innocence. We’ll see what our desi prosecutor Preet Bharara has to say in court.
Looks like the end of the road for our Tamil desi from Sri Lanka Rajaratnam.
Folks, remember one thing well: Big fortunes in life invariably come at the expense of big suffering for so many small people.