Rajaratnam’s lawyer says information was public

ACCUSED hedge fund manager Raj Rajaratnam did not get secrets about Advanced Micro Devices and eBay from a former high-placed friend because the information was already public, his lawyer argued at his trial yesterday.

In heated exchanges that came close to shouting in the biggest Wall Street insider trading trial in decades, lawyer John Dowd also tried to point out contradictions in testimony of key prosecution witness Anil Kumar, a disgraced former partner of the elite McKinsey & Co consultancy.

Galleon Group founder Rajaratnam is on trial in Manhattan federal court accused of making $45m in illicit profit from trades in AMD, eBay, Intel Corp and other stocks based on tips from executives.