RAJ. OVER AND OUT. Of circulation, that is. Greedy bankers and hedge fund managers everywhere are quivering in their boots after a New York jury convicted billionaire hedge fund fiddler Raj Rajaratnam, 53, of insider trading. The former high-flier is now facing 20 years in prison and will be sentenced in June.
The conviction of the Galleon Group founder on 14 counts is also sending chills down the spine of Wall Street. He was nailed by wiretaps and colleagues who ratted him out. For the feds, the win was a rare triumph against the high finance bully boys.
"Rajaratnam was among the best and the brightest -- one of the most successful and privileged professionals in the country," US Attorney Preet Bharara told the New York Post. "Yet, like so many others recently, he let greed and corruption
cause his undoing. The message today is clear -- there are rules and there are laws, and they apply to everyone, no matter who you are or how much money you have."