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05/11/2011 07:10 PM ID: 89247 Permalink   

Wall Street Titan Convicted of Insider Trading


Galleon Group hedge fund manager and co-founder Raj Rajaratnam was convicted on five counts of conspiracy and nine counts of securities fraud in what prosecutor´s called the largest-ever hedge fund insider trading case.

Rajaratnam was found guilty of using a group of corporate tipsters to gain an illegal inside track on huge stock trades in the technology sector and in others, making more than $60 million from illegal tips.

Those earnings came at the expense, prosecutors said, of regular investors who did not have the advantage of advance notice of earnings reports, mergers and acquisitions. Rajaratnam will be sentenced on July 29 and faces about 20 years in prison.

    WebReporter: Ben_Reilly Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
NO no no this can´t be right! If you are a billionaire you must be smarter and have more cunning than everyone else! That is what makes successful people successful right?

A thief is a thief, and right now in the financial markets there is widespread corruption, information asymmetry, and the revolving door of money and government. It must be stopped.

Total liquidation and seizure of all assets of companies that have been involved with commodities speculation, CDOs and derivatives trading. Use that money for American workers pension funds and rebuilding our crumbling infrastructure.

[ edited by rj712 ]
  by: rj712   05/11/2011 09:02 PM     
  Not surprising  
The majority of them are crooks. Some groups use super computers that give them a millisecond edge to make billions on stock trading. Wall Street is the most corrupt it has ever been.
  by: Lurker     05/11/2011 09:51 PM     
  High time for...  
a mass clean up in many areas of this world. Crime has been in control for way to long.
  by: captainJane     05/12/2011 12:08 AM     
  Preach on, rj!  
You tell em´. Government controlled capitalism is fascism. Nuff said.

China, despite being a communist country, has embraced a free market economy almost in the same stride the US began tightening its belt. We could learn a thing or two from those damn commies...the very thing we taught them.

[ edited by Garbasche ]
  by: Garbasche   05/12/2011 01:23 AM     
Interesting that fraud charges get more time than murder
  by: JayWar   05/12/2011 02:11 AM     
Well China is a centrally-planned command economy, hardly communist. Actually there has never been a true communist state ever. All the "socialist" and "communist" states of the past were authoritarian.
  by: rj712   05/12/2011 05:34 PM     
Learn a thing or two from China? Like what, how to treat workers as slaves..?
  by: velger   05/12/2011 06:00 PM     
To keep government influence in our economy to a minimum. Smart ass. xP
  by: Garbasche   05/12/2011 06:08 PM     
  I fail to understand  
how someone committing fraud is a "big government" issue.

If anything, it´s a problem with free trade, right?

Please, give me some information here, I´m failing to connect the dots.
  by: dekar   05/12/2011 07:55 PM     
The current government meddling comes from the fact that there /used/ to be no government meddling in business affairs, and the entire country was suffering for it. Miners were slaves to corporations who employed them, owned the places they purchased things at, and ran the banks who controlled their home loans -- they literally ended up owing the company they worked for money by the end of the week because the company could charge whatever they felt like in order to keep them as wage slaves.
  by: velger   05/13/2011 11:18 PM     
I was *so* tempted to make the headline "Michael Jordan of Wall Street Convicted of Insider Trading" :)
  by: Ben_Reilly     05/14/2011 12:07 AM     
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