Lloyd Blankfein Witness

Lloyd Blankfein Testifies in Raj Rajaratnam Trial

One of the biggest names in finance now has the misfortune of being called as a witness in a massive hedge fund insider trading case. Lloyd Blankfein, CEO of Goldman Sachs, took the stand today to testify in the trial of embattled hedge fund manager Raj Rajaratnam.

Blankfein was called by prosecutors to serve as a link in the alleged chain of confidential information: He is expected to testify about what former McKinsey & Co. chief Rajat Gupta heard as a member of Goldman's board; Gupta is accused by the Securities and Exchange Commission of passing some of that information on to the Galleon Group founder, often within minutes of board meetings.

Blankfein took the stand at about 10:30 this morning, after prosecutors and Rajaratnam's defense team settled their issues about the scope of questioning. Rajaratnam's lead attorney, John Dowd, said he did not plan to question Blankfein about any pending investigations of Goldman, a line that prosecutors wanted him barred from. Dowd did reserve the right to recall Blankfein as a defense witness later in the trial.

On the stand, Blankfein identified Gupta from a photograph. Gupta is expected to testify for the defense later in the trial.

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