Wall Street Inside Trader Rajaratnam Goes Down
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After the jury heard his wire-tapped phone conversations with financial tipsters, billionaire hedge-fund manager Raj Rajaratnam was found guilty. Should insider traders be prosecuted like mobsters and drug lords? Do their crimes harm other individuals? How do they impact confidence in the markets? Also, Mideast envoy George Mitchell resigns, and the eight Arctic Nations — including the US — have ended their seventh meeting in Greenland. We hear about oil and gas drilling and how native Greenlanders feel about global warming.
Banner image: Galleon Group founder Raj Rajaratnam (C) is confronted by media as he leaves the Daniel Patrick Moynihan United States Court House after being found guilty of 14 charges against him on May 11, 2011 in New York City. Photo: Andrew Burton/Getty Images
Mideast Envoy George Mitchell Resigns ()
Former Senator George Mitchell brokered peace in Northern Ireland, but he's stepping down after two years as President Obama's special Mideast envoy. Nicole Gaouette reports on foreign policy for Bloomberg News.
- Nicole Gaouette: Bloomberg News
High Finance and White-Collar Crime ()
Raj Rajaratnam's Galleon Group hedge fund was once worth $7 billion, and he paid ten high-powered lawyers to defend him on charges of insider trading. But a working-class jury found him guilty on all 14 counts, based in large part on telephone conversations with tipsters recorded by federal investigators. After his conviction, the billionaire rolled away from New York's federal courthouse in a silver Mercedes. He's facing prison and fines, but it's not clear what the broader consequences might be. Prosecutors promise an ongoing crackdown on insider trading. Skeptics see Rajaratnam's trial as a road map for how to get away with it. Others ask, what about the bankers accused of causing the Great Recession? Polls show that most Americans think Wall Street is rigged. Will taking down a major player restore the confidence of ordinary investors?
- Michael Rothfeld: Wall Street Journal
- Anthony Accetta: Accetta Group
- John Carney: Editor, CNBC's NetNet
- Charles Rotblut: American Association of Individual Investors
Hillary Clinton Goes to Greenland to Discuss the Arctic ()
The melting of ice in Greenland is evidence of global warming; it creates opportunities for industrial development; and it puts the US in an uncomfortable diplomatic position. Secretary of State Hillary Clinton attended the Seventh Ministerial Meeting of the Arctic Council in Nuuk, Greenland that ended yesterday. Bradley Klapper, who was there for the Associated Press, has more on Clinton's visit and how Greenlanders themselves regard unprecedented environmental change.
- Brad Klapper: Associated Press
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