Raj Rajaratnam has come out swinging. He has now answered the government's accusations with strong denials. His lawyers say he was not the mastermind of a massive insider trading scandal. The research he had at Galleon was "more detailed and precise" than any inside information. He's also alleging that the government has violated his rights by using wiretaps.

Interestingly, Reuters notes, Rajaratnam's lawyers say that when the government sought court approval to use wiretaps, it failed to reveal that it had interviewed him under oath and taken tens of thousands of pages of Galleon documents. So were the wiretaps a last grasp effort, aimed at generating evidence that previous, more conventional efforts failed to uncover? This may all come out at trial. It would be a doozy, with some interesting characters. The government needs strong witnesses. Emails have proven not to be enough. Wiretaps may be seen as similarly insufficient. 

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