As the trial of Raj Rajaratnam for insider trading draws to a close, we’ve seen a couple of clues about the outcome.
While no one knows what the 12-person jury (9 women, 3 men) will decide while they are locked in the deliberation room, 2 things give us a clue about what’s happening.
First, the defence is surprisingly calm.
John Dowd announced that he’s retiring from trials.
“It’s a young man’s game,” and he’s “tired,” he told CNBC after his closing remarks last week. (He later gave CNBC cameramen the middle finger.)
He told CNBC that he decided to give up trials “after I got into it.”
“It” is plenty reason to retire. It’s the 7 week-long trial of an alleged insider trader who has incredible amounts of evidence against him. Dowd hasn’t hid the fact that he’s tired. He appeared bored in his monotone closing remarks.
He probably wants to end his career on a high note.
Second, the jury is taking a while to deliberate. The clue: the jury is considering the defence’s argument, aka Dowd’s.
Of course there is a lot of evidence and there are 14 counts against Raj, all of which takes a while to consider.
However the prosecution presented what most people believe is plainly incriminating. But the jury isn’t sure, for one, about Raj’s Clearwire trade (the Clearwire trade pertains to the 1st, 6th, and 7th of the counts against Raj). They requested to see the defence’s Clearwire evidence again on Monday.
So at the end of the second day of deliberation yesterday, the consensus was that “the prosecution is probably freaking out right now.”
Raj, on the other hand, is sitting calmly and reading a newspaper while he waits.
How much longer will Raj wait? “I think you have a few more days,” Ken Springer, a former FBI agent who runs a corporate compliance firm in New York, told Reuters. “It wouldn’t be unusual that it would take a few more days or into early next week.”