Lloyd Blankfein ,CEO of Goldman Sachs testified yesterday in the "Galleon insider trading case ". It was noteworthy because rarely do "bigtime CEO's testify in criminal , let alone civil trials. Blankfein was subpoenaed by prosecutors to testify in the trial of Raj Rajaratnam .
Well nothing earth shattering came out of Blankfein's testimony and there were even a few "light moments" that occurred while he was on the stand. The thrust of his testimony was to demonstrate to the Court and jurors that information discussed at Goldman Sachs's "Board meetings" was private versus what information would become public....the essence of "insider information". Blankfein obviously had no "direct knowledge " of insider leaks, tips or communications between Rajaratnam and former Goldman director Rajat Gupta.
But for one day, having the CEO of the world's largest investment bank testify at an insider trading trial was bigger than the trial itself.
Go figure!
No comments:
Post a Comment