Betwa Sharma
New York, Apr 21 (PTI) During closing arguments in the largest hedge fund trading case in US history, a government lawyer has described former Goldman Sachs Inc director Rajat Gupta as the "real fly" on the wall of the firm's boardroom.
Gupta, who has not been indicted in the criminal trial of Galleon Group founder Raj Rajaratnam, faces civil charges from the Securities and Exchange Commission for allegedly passing confidential information about Goldman Sachs to the defendant.
The defence had previously argued that Rajaratnam traded on Goldman Sachs based on information available in the public outlets like theflyonthewall.com, which provide financial news.
"You don't trade based upon a flyonthewall report," Assistant US Attorney Reed Brodsky told the jury yesterday.