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Oct. 6 Call Between Raj Rajaratnam and David Lau

Oct. 6 Call Between Raj Rajaratnam and David Lau

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Published by DealBook
Transcript of Oct. 6, 2008 call between Raj Rajaratnam and Galleon colleague David Lau in Singapore
Transcript of Oct. 6, 2008 call between Raj Rajaratnam and Galleon colleague David Lau in Singapore

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Published by: DealBook on Apr 25, 2011
Copyright:Attribution Non-commercial

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10/24/2012

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DATE:23TIME:45WIRETAP:67CALLFROM:89CALLTO:1011KEY:121314151617RAJRAJARATNAM:1819DAVIDLAU:2021RAJRAJARATNAM:2223DAVIDLAU:2425RAJRAJARATNAM:26[0min11sec]2728DAVIDLAU:293031RAJRAJARATNAM:3233DAVIDLAU:34353637RAJRAJARATNAM:3839DAVIDLAU:40414243October6,200810:26AM
..•••bVE~·NME~T··
..••..•..•.••...•·\E:>{til.~IT.·....•...·.··
····651..T····
···.i•.••
S2.09.9r.I184(RJlI)·....•·•··
OVER917-907-2350DAVIDLAU(659-631-9969)RAJRAJARATNAM(917-907-2350)Unintelligible:UIInaudible:IAPhoneticSpelling:PHVoiceOverlap:
II
Hello.HeyRaj.HeyDavid,howareyou?Bloodshed,man.(UI)Yeah,yeah.Market'sreallyhorrible.(UI)you'llhearaboutastory,youknow.The,theJapaneseYenlinetodaywascut...Yeah....and
is
stillbeingcutapparently,okay?TheJapanesebanks....Sothefuckersgotnomoreroomtogo,especiallyalltheyen
CatTY
trades.(UI)(UI)Euro,YenandalltheBrazilian,Yen,Mexican,YenandalltheYencarrytrades.They,theygone,theirlinesarecutbecausethey,theyweretoldnottodealwith,theriskmanagersweretoldnottodealwithAmericanandEuropeanbanks.
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Wow.Sotheirlinesgotcut.Theyhadto,firstthingistheybailouttheirspotposition,whichthey'redoingnowandtheDollarYencollapsed,huh?Yeah.Secondthing,huh,isthatthey'resellingassets.Sotheonlyassetstheyhaveisprobablyequityand,andfixedincome,probablyequityassets.Oh,that'swhat'shappening.Okay.Vh,Vh.Ohthat'swhythemarketisjust,becauseafterthisstopIthoughyouknow,marketwouldbounce.
Uh-huh,
ItslikefreefallersoIthinkthat'sthestorythough,theJapanesearebailingoutnow.Vh-huh.So,youknow,
I,
1,
I
don'tknowwhetherthisisthe,theendoftheroadorcapitulationornot,butitwillbeonedayofbloodshedortwomore,or,or,or,twodaysofbloodshed,man.(UI)YouseetheDollar,Yen?
It
wastradingat1-0-5isnow1-0-1-20,youknow?Holyshit.Yeah.WhatareyoudoingUI?
S011Y?
Goahead.Goahead.2
 
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No,soyouknow...it'safallingknifeatthemoment.(UI)I,I,IthinktheEuropeanstocksDIgonnatogetwacked.Yeah,it'sdown7%today,youknow?Yeah.Biggestdrop,so...Ithinkwejusthavetobepatient,youknow,now.Don'trunit.Yeah.Youknow?So.Yeah.Howyouholdingup,okay?Weareokay.Ithinkthatwecouldbreakmaybe10bucksuhforthe,forthequarter,Great,that'sgoodnews.Sowe'llbeprobablywillbe,youknowIthinkwe'llmake2%thismonth.Great.Great.Great.Good.Sowe'rejusttradingthecrosses...Uh-huh....anduhwe'retrading,youknowwe'retradingSpotandthecrosses.Andwe'retradingthe,the,the,thefixincomeandsmallequity.Butwe'renotgoingnuts.Sowe'rejustholding,we'rejustplaying,playingthe,the,youknowtheSpeedyGonzalezgame.Yeahright,justhitandrun,uh?
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