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| Galleon US insider trading trial begins | Galleon US insider trading trial begins |
| (about 17 hours later) | |
| Jury selection in the long-awaited trial of billionaire hedge fund manager Raj Rajaratnam on charges of insider trading has begun in New York. | Jury selection in the long-awaited trial of billionaire hedge fund manager Raj Rajaratnam on charges of insider trading has begun in New York. |
| Judge Richard Holwell has told jurors that Goldman Sachs chief executive Lloyd Blankfein is on a list of witnesses who may be called to testify. | |
| Mr Rajaratnam, who was arrested in October 2009, has pleaded not guilty to the charges laid against him. | Mr Rajaratnam, who was arrested in October 2009, has pleaded not guilty to the charges laid against him. |
| Some 150 potential jurors were questioned by Judge Holwell. | |
| Mr Rajaratnam was met by photographers and camera crews as he arrived at the New York court for jury selection. | Mr Rajaratnam was met by photographers and camera crews as he arrived at the New York court for jury selection. |
| He has been free on bail of $100m. If found guilty, he could face more than 20 years in jail. | He has been free on bail of $100m. If found guilty, he could face more than 20 years in jail. |
| Judge Holwell said he expected opening statements to take place on Wednesday. | Judge Holwell said he expected opening statements to take place on Wednesday. |
| Phone taps | Phone taps |
| They will be paying close attention to the outcome of the trial in financial circles. | They will be paying close attention to the outcome of the trial in financial circles. |
| Information is the lifeblood of traders. But there's a fine line between acting on rumours and tips, and acting on information that's private. | Information is the lifeblood of traders. But there's a fine line between acting on rumours and tips, and acting on information that's private. |
| The government hopes this will help redefine that line, which is why this case could change how business is done on Wall Street. | The government hopes this will help redefine that line, which is why this case could change how business is done on Wall Street. |
| The New York federal prosecutor has described the case as the "largest hedge fund insider trading case in history". | The New York federal prosecutor has described the case as the "largest hedge fund insider trading case in history". |
| The Securities and Exchange Commission (SEC) said in its complaint filed earlier this year that the case involved "widespread and repeated insider trading" at a number of hedge funds, including Galleon. | The Securities and Exchange Commission (SEC) said in its complaint filed earlier this year that the case involved "widespread and repeated insider trading" at a number of hedge funds, including Galleon. |
| According to the SEC, the alleged unlawful trading involved the use of inside information on companies including Google, Hilton Hotels and Intel. | |
| Incidents cited in court documents describe the passing of information on takeovers or company results before they were publicly released. | Incidents cited in court documents describe the passing of information on takeovers or company results before they were publicly released. |
| Mr Rajaratnam then traded on that information, often on behalf of Galleon, the SEC alleges. | Mr Rajaratnam then traded on that information, often on behalf of Galleon, the SEC alleges. |
| Mr Rajaratnam founded the Galleon Group hedge fund, which managed about $7bn at the time of his arrest. | Mr Rajaratnam founded the Galleon Group hedge fund, which managed about $7bn at the time of his arrest. |
| His personal wealth has been estimated at about $1.3bn. | His personal wealth has been estimated at about $1.3bn. |
| More than a dozen people, including employees of some of America's biggest companies, including IBM and Intel, have been criminally or civilly charged in the complex case. | More than a dozen people, including employees of some of America's biggest companies, including IBM and Intel, have been criminally or civilly charged in the complex case. |
| So far 19 have pleaded guilty. | So far 19 have pleaded guilty. |