A big controversy in the run-up to the Raj Rajaratnam insider trading trial was the admissibility of 90 hours of wiretaps the government had amassed. In the end, a judge gave the go ahead, and portions are now--finally--being used in court, allowing jurors to actually hear the voice of accused insider trading mastermind. Reuters notes this exchange with a former McKinsey executive Anil Kumar:

Kumar: "Hi. So yesterday they agreed on, at least they've shaken hands and they've said they are going ahead with the deal." 

Rajaratnam: "Uh huh." 

Kumar: "There will be such a boost from this announcement, it'll be fine." 

Rajaratnam: "Right. What's the deal? How much are they investing?" 

This exchange suggests prosecutors had an element of surprise and ignorance working for them. The hedge fund manager and his alleged tipper do not seem to be disguising their conversation in the manner of someone who suspects he is being tapped. Mobster working out of store fronts, for example, may speak in code related to the business. If they worked in a carpet store, they might say, "so how many yards do you want?" That kind of thing.

It'll be interesting  to hear more of the tapes. You have to wonder if hedge fund executives and traders will now start talking in their own code, out of fear they're being tapped.

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