This should just be the beginning and there should be more convictions coming up. Wall Street has been running wild with crazy money schemes and fraud for a long time now. There should be a concerted effort to clean up house, although, the truth is that Wall Street is in cahoots with the feds and through the feds revolving door nothing will ever be sorted out. In the end it is the tax payer bailing out the Mega-Banks.
Adam Smith, a former portfolio manager at the Galleon Group hedge fund who provided the government with crucial assistance in prosecuting his onetime boss, Raj Rajaratnam, avoided prison on Tuesday when a judge sentenced him to two years’ probation.
- DealBook: Galleon Official Is Spared Prison (dealbook.nytimes.com)
- The Return of Goldman’s Mark Schwartz – NYTimes.com (nadernazemi.com)
- At Gupta Trial, a Glimpse at Goldman’s Inner Workings – NYTimes.com (nadernazemi.com)
- A Con Man Who Lives Between Truth and Fiction – NYTimes.com (nadernazemi.com)
- Jurors begin deliberations in insider-trading trial of ex-Goldman director – @nytimes (dealbook.nytimes.com)