The insider trading trial for former Goldman director Rajat Gupta started last week in New York federal court.And even though we at Clusterstock had been following the proceedings, they’ve appeared very low-key with few bombshells being dropped, and frankly seemed like a relative bore.
But that was just a suspicion, now we have confirmation that the trial IS indeed a huge snoozefest
The eminent Judge Jed Rakoff, who is presiding over the trial, has told lawyers on both the prosecution and defence that they need to sharpen the presentations for fear of jury boredom, according to Reuters.
…Rakoff suggested the Gupta case may be far from scintillating for the jury, which aside from a handful of wiretap recordings, has been inundated with telephone logs, corporate governance guidelines, boardroom minutes, emails and instant messaging records.
“I am in awe of our jury for being attentive,” Rakoff said in court while jurors were on their mid-afternoon break. He said the bulk of evidence was asking witnesses to look at “document X” or “document Y.”
Gupta is accused of passing on non-public information to former Galleon Group head Raj Rajaratnam, who is serving a 11-year sentence after being found guilty of insider trading.
Better stock up on those red bulls and coffee, jurors… Good luck!