``The prosecution alleged that Rajaratnam avoided more than $3 million in losses on an insider tip from Rajiv Gupta, a former Goldman Sachs' board member, about the firm's earnings in the fourth quarter of 2008. Jarrell, who previously served as the Securities and Exchange Commission's chief economist, produced press clippings and analyst reports showing that because of the financial crisis, Goldman Sachs was performing badly and its stock price was expected to drop.''

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