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Emails show close ties between Rajaratnam, Goldman manager

By Pti

Rajat Gupta
New York, Jun 22: A current Goldman Sachs managing director used to exchange daily morning emails with now jailed Galleon founder Raj Rajaratnam about "tiddie biddies" at top technology companies like Apple and Intel, a media report said suggesting their ties were closer than previously known.

David Loeb sent emails to Rajaratnam ahead of a daily "morning meeting" at Galleon, according to previously undisclosed emails and wiretapped phone call transcripts, which were entered as court records in the trial of former Goldman director Rajat Gupta, the Wall Street Journal said.

Last week 63-year-old Gupta was found guilty by a jury of passing confidential boardroom information to Rajaratnam. Gupta's defence had stressed during the trial he had never done any insider trading and the hedge fund founder had other sources at Goldman and other companies who gave him inside information.

Gupta's lawyers had even hoped to show jurors the emails and transcripts, saying they indicated that Rajaratnam's source within Goldman wasn't Gupta but someone else. But judge Jed Rakoff did not allow Gupta's lawyers from sharing the email and transcripts with jurors.

In the emails, Loeb offered "tiddie biddies" to Rajaratnam about firms like Apple and Intel and often addressed him with nicknames like "Dr RR" and "big daddie". He used to sign off his emails with letters 'CBF', which colleagues have said stands for "chunky but funky."

Loeb was a senior salesman at Goldman at the time of email exchange and is one of three current Goldman employees that federal prosecutors and the FBI are investigating.

Loeb has not yet been charged with any wrongdoing. The closeness of the ties between Loeb and Rajaratnam, as seen through the communications, sheds new light on their relationship, the report said.


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