so this pakistani investment banker has just been convicted of insider trading by a u.s. court. a jury comprising of joe six-packs has found him guilty. his crime was that that he was using his knowledge of confidential bank transactions for personal gain i.e. he was getting his contacts in pak to trade stocks based on information not available to the public and information this banker could not trade upon.
“NEW YORK — A former Credit Suisse investment banker from Pakistan was convicted Monday in a multimillion-dollar insider trading plot in which he was accused of feeding inside information on deals to a high-ranking official at a financial institution in Pakistan…”
normally, i would have faith in american justice system but now i am not so sure given the propaganda in american press and media against pak. sad to say but i hold pakistanis responsible for their predicament abroad. by constantly badmouthing pak and giving only a one-sided negative view, pakistanis are showing to the world that pakistanis are untrustworthy people. average foreigner does not draw a distinction between govt and its people. pakistanis, by constantly painting every event in the country in sinister terms, have damaged the image of the country and its people. the result is that pakistanis living in diverse places such as spain and the u.s. are now coming under the radar screens of hukkam.
bottomline, if we dont look out for ourselves, then no one else will either.
This may be true up to some extent that the media might have influenced the jury but to the greater extent, it's not true. If we all remember Martha Stewart case, she got indicted for such a small thing. American justice system is quite good for the majority of common people. We may not agree on some high profiles cases or it's foreign policies but justice system available to common people is quite fair.
He is guilty as sin. I'm in the same general industry and this dude is as bad as they come. Insider trading and profiteering off confidential information is a killer of capital markets and this guy got what he deserved. Too bad he will not get to US jail and become the "girlfriend" of seven foot bubbas.
Are you suggesting that he was innocent but since Pakistanis abroad are badmouthing Pakistan so this person got convicted? Sorry, I fail to see the connection.
its insider trading and if he is guilty, he should be punished by law.
but looking at the news, I think these guys were too greedy and stupid to keep doing this and from same location and id. they should have done couple of time and left at it.
but buying shares before nine mergers was enough to raise the eye brows. hence this.
many others might have done the same thing, but i guess they were not that stupid to keep repeating until caught.
Avoid super-friendly people. Could be a set-up! 