ZVI GOFFER SENTENCED TO 10 YEARS…RAJ LOOK OUT
Another day, another round of guilty verdicts for Wall Street Bigs. Last month saw the conviction of Raj Rajaratnum, and today we have the conviction of three more heavyweights; Zvi Goffer, Emanuel Goffer and Michael Kimelman. They are all free on bail while awaiting sentencing. Ahhh Wall Street, the land of enablers!
Rajaratnam, the founder of the Galleon Group, was once Goffer’s boss. The Galleon investigation is the largest ever of insider trading in the hedge fund industry.
All of these men are now looking at lengthy prison sentences. The other thing they have in common is the fact that unlike most white-collar defendants, they did not strike a plea agreement. Instead, they opted to actually go to trial. Can you spell delusional? In fact, over 93% of all Federal criminal cases result in guilty pleas and of those, over 83% serve prison time. Not great odds, right?
It’s too bad that we cannot charge the guys for all of the money wasted on “investigating” this mess. Think about it, this money could be well spent to help all of the men and women in prison for years on small drug crimes when they really need rehab. I am not saying that the Wall Street bigs cannot learn from this, but so far all they have done is cost the taxpayers money on long trials and what are yet to be filed appeals.
Wall Street, good for business if you are a prison coach but now is the time for The Street to get real. This insider suggests that the major firms start to clean up their acts and learn from all of this. I say this with the best of insider knowledge and intentions. At some point we all have to take responsibility for our actions and turn our talents to good, not greed.
Believe me, change IS possible, but it takes hard work. Boys, call anytime you need some prison prep inside info. Don’t worry; I won’t mark my fee up like you did.