From Big Raja’s latest bail modification letter, posted by his lawyers on Monday morning (emphasis FT Alphaville):

Mr. Rajaratnam has carefully worked with Galleon to wind down its business, to take care of the Galleon employees negatively affected by the Government’s sudden arrest of Mr Rajaratnam and its related press conferences, and to ensure that the financial interests of Galleon’s investors were fully protected.

Despite these efforts, his bail, as currently constituted, carries the stigma of being the highest such bail in recent memory, far exceeding the terms of release for Bernard Madoff after Mr. Madoff’s admission of guilt.

Accordingly, we respectfully submit that Mr. Rajaratnam’s complete cooperation and compliance with the terms of his release and instructions of the Pre-Trial Services Office satisfies Your Honour’s concerns and warrants the reduction of his bail.

Over to you then, The Honorable Douglas F. Eaton, United States Magistrate Judge.

This entry was posted by Miles Johnson on Monday, December 14th, 2009 at 19:35 and is filed under Hedge funds, People. Tagged with Bernard Madoff, Galleon, Raj rajaratnam. Edit this entry.