rene's insider trading case update.

  1. 280 Posts.

    The insider trading case against Rene Rivkin took an interesting turn as the man himself took the stand yesterday.

    Rivkin claims he did not recall being told the ACCC was going to approve the Qantas/Impulse tie-up, and did not recall Gerry McGowan telling him not to trade in Qantas shares.

    As foreshadowed on Crikey earlier this week, Rivkin's defence relied on attacking the credibility of McGowan who was termed a "complete liar" by Rivkin's defence team.

    A big problem for Rene was that his popular 'Rivkin Report', a stock tipping subscription service for thousands of punters, could not give any short term recommendation for Qantas at the time.

    Rene glided past this inherent contradiction by saying that at times his private views and those expressed in the 'Rivkin Report' differed.

    Hmmm. Bad luck to all the punters who thought the Rivkin Report was exactly that - a direct insight into Rene's private views. But at least it confirms what we always suspected, the Report is just another money-spinner for the sleazy entrepreneur.

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