Hedge fund man taped receiving Intel intel

US prosecutors played the first wiretaps yesterday of phone conversations between New York hedge fund billionaire Raj Rajaratnam and a former Intel employee Rajiv Goel.

Rajaratnam is on trial for insider dealing while Goel was a government witness.

In the tapes, Goel gives Rajaratnam details of Intel’s billion dollar investment in a joint-venture between Clearwire and Sprint in 2008 to build a global 4G platform.

Rajaratnam asks Goel about the investment team involved. All this happens months before it was publicly announced.

The pair talk about investors agreeing to put as much as $3.5 billion in the transaction, code-named “Project Rain.”

Rajaratnam’s defence teams say that the tapes “prove “nuttin”” and there were loads of industry rumours circulating about the deal at the time.

According to the New York Post, Goel is expected to take the stand today to testify against his former mate.