Updates with testimony of the expert at paragraph 10).
April 15 (Bloomberg)--Federal prosecutors saying they were prepared to subpoena Goldman Sachs Group Inc. President Gary Cohn to rebut the defence of the Galleon Group LLC, co-founder Raj Rajaratnam in his insider-trading trial.Assistant U.S. Attorney Reed Brodsky said U.S. District Judge Richard Holwell in Manhattan on April 12 that the Government calls Cohn to testify if a witness for the defence, former President of the Galleon United States Richard Schutte, was allowed to talk about jurors Cohn observations during a meeting with Rajaratnam 31 juillet2008. "It is hearsay" and should not be allowed as evidence, Brodsky said the judge, according to a transcript of a Conference of "sidebar" who could not hear the jurors and others in the courtroom. " If the defence witness on the comments of Cohn, Brodsky said, "we are ready to call Mr. Cohn, and we would be allowed to do so in the framework of our rebuttal case".Schutte, who completed his testimony yesterday, was not requested by the lawyers of the Rajaratnam on Cohn comments at the meeting. The attorneys of the Rajaratnam can finish their defense of the billionaire hedge fund manager on April 18. Brodsky said Holwell yesterday that prosecutors had the intention to present a rebuttal folder. He did not mention Cohn or identify other potential witnesses.We have a bit of a rebuttal case, that we are still in preparation, "said Brodsky.Lucas van Praag, a spokesman for Goldman Sachs, has refused to comment on." Ellen Davis, a spokesman for U.S. Attorney Preet Bharara in Manhattan, also refused to comment on.Intel, ClearwireRajaratnam, 53, has been found since March 8 in the largest crackdown initiated of hedge funds in the history of the United States. Sri Lankan born Money Manager is accused of winning $ 63.8 million of Councils disclosed by insiders and traders from hedge funds on a dozen stocks, including Goldman Sachs, Intel Corp., Clearwire Corp. and Akamai Technologies Inc.. He denies wrongdoing, saying: he based his trades on research.Requirements in the case can begin next week, the judge said.Gregg Jarrell, the top Economist of the U.S. Securities and Exchange Commission from 1984 to 1987, said today as an expert witness to Rajaratnam. Jarrell, who now teaches at the school of commerce in New York at the University of Rochester, said the Councils Rajaratnam would have received were not of galion equipment or do not include inside information.Certainty, UncertaintyJarrell showed jurors graphic displaying news articles and analyst reports on stocks that Rajaratnam is accused of Exchange based on inside information.Cross-examination by Assistant U.S. Attorney Jonathan Streeter, Jarrell testified that mergers and acquisitions are almost always preceded by analysts and journalists speculating on the question of whether the deal will go through.Streeter asked Jarrell if a merchant with access to accurate information from an insider company has an advantage. "If you are sure, in a world of uncertainty, it is an advantage, said Jarrell testimony of Jarrell will continue on April 18 that the discussion on Cohn came April 12 as prosecutors objected to the testimony of Schutte on a meeting that he and Rajaratnam had with Cohn. At the July 31, 2008 meeting, Galleon and Goldman Sachs executives discussed the "potential" that the New York-based investment bank would be "combine with an entity which had a basis large deposit," including a commercial bank or an insurance companySchutte testified.Goldman advised defense offered evidence of Schutte to meet the Government's contention that Rajat Gupta, then member of the Board of Goldman Sachs, tipped Rajaratnam two days before the meeting that the Bank was considering buying American International Group Inc. or Wachovia Corp. testimony of Schutte, the defence may have tried to show that the alleged point of Gupta involves confidential information.Brodsky, objected after the transcript of the Conference of the sidebar with the judge, saying that the defence lawyers wanted to obtain "a hearsay statement that Mr. Cohn made the meeting" words of Goldman Sachs may be "a certain plan." Brodsky said then that the Government could convene Cohn on rebuttal if there was this evidence, according to the transcript.Cross-ExaminationIn end, Schutte was a not testify Cohn comments at the meeting of July 2008. During cross-examination by Brodsky, Schutte said that he did not ask Cohn at the meeting if Goldman Sachs had intended to buy imminent Bank and Cohn did not address the issue.Goldman Sachs Chief Executive Officer Lloyd Blankfein, his testimony at the trial on March 23, said that Gupta has violated the privacy policies of the company by saying allegedly Rajaratnam on its revenues and its strategic plans. Rajaratnam is charged to win one of $ 4.6 million in exchanging advice on investment bank based in New York.Gupta denies wrongdoing and has not been charged criminally. The U.S. Securities and Exchange Commission brought an administrative action against him.The case is U.S. v. Rajaratnam, 1: 09-cr-01184, U.S. District Court, Southern District of New York (Manhattan).-Editors: Peter Blumberg, Fred Strasser
To contact the reporters on this story: David Glovin Federal Court in Manhattan to glovin@bloomberg.net; Patricia Hurtado in the Federal Court in Manhattan to phurtado@bloomberg.net; Bob Van Voris in Federal Court in Manhattan to the rvanvoris@bloomberg.net
To contact the editor responsible for this story: Michael Hytha to the mhytha@bloomberg.net
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