No one expected that it would take this long to convict Raj Rajaratnam of insider trading.But the jury that will decide the fate of alleged insider trader is still out, and now that the nine women and three men have had over a day and a half to deliberate, everyone is wondering, what’s taking so long?
The chatter is that the longer the jury takes to decide, the worse news is for the government. Obviously, someone on the jury is considering the defence’s arguement: that the information was out there.
How bad could be for the prosecution? Well, the jury has requested the defence’s Clearwire evidence and the wiretaps from conversations 506, 562, 565, 521, 523, 524, 527, 616, and 617.
The Clearwire evidence is in the defence’s favour. It’s a Wall Street Journal article about the deal that Raj and his brother were hoping to trade on (Rengan reads it and calls Raj to say, “dude, we’re f-cked”). The jury’s request to hear the wiretaps again probably just means that they want to hear exactly what Raj heard from his tippers.
And the fact that the jury is carefully considering the evidence means they’re doing exactly what the defence told them to do. Dowd told them, The government expects you to take their word for it, but if you carefully review all of the evidence, I have faith that you’ll find Raj is innocent.
Word is that the government’s lawyers looked concerned this morning and that they’re “probably freaking out right now.” (We didn’t get to see them because tonight, they didn’t even show up for the jury’s dismissal at 5 PM.)
The good news: the jury is taking the case seriously. Their decision could potentially set a new precedent, and they clearly understand its importance.