Friday, October 14, 2011

Wall Street hedge fund tycoon Rajaratnam sentenced to 11 years prison

A Wall Street tycoon at the centre of America's biggest insider trading scandal in a generation has been sentenced to eleven years in prison.

The billionaire hedge fund manager Raj Rajaratnam was also fined US$10 million for using inside information to reel in 64 million dollars over seven years.

Prosecutors had argued for an even tougher sentence of 19 and a half years while others say corporate greed will always be hard to deter.

But will this make a difference to temptations and greed on Wall Street?

Here's my take from this morning's edition of AM.

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