Raj Rajaratnam's insider trading sentence of 11 years is the longest in U.S. history. The hedge fund executive was the ring leader of the largest case in history as well, so perhaps the extraordinary punishment fits the crime. Of course, it is less than half of the 24 and a half-year sentence prosecutors asked for. How will this news impact the Wall Street protests?
U.S. District Judge Richard J. Holwell said, "His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated. Simple justice requires a lengthy sentence." Do you think this 11 year sentence will help eradicate the insider trading virus in the U.S.? How many people do not end up getting caught making these kinds of shady deals? Obviously this type of crime is part of the reason for the Wall Street protests.
Raj Rajaratnam, 54, founded the Galleon Group, which paid a stiff $10 million fine as well as forfeited $53.8 million in ill-gotten gains. For his part, the Sri Lanka native had nothing to say once he received his sentence in the insider trading scheme.
While the sentence is the longest ever, Rajaratnam may have received a lighter than asked for sentence because of his failing health and charitable work with victims of disasters. Do you think this 11 year sentence is a strong enough punishment for the crime? Do you think that this news will have an effect on those involved in the Wall Street protests?
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