The news at a glance

Wall Street: Record sentence for insider trading; Publishing: Amazon muscles out book publishers; Free trade: Congress okays trade agreements; Telecom: The end of cell-phone “bill shock”; Unemployment: Veterans hit harder than civilians

Wall Street: Record sentence for insider trading

“A virus in our business culture that needs to be eradicated.” That’s what a New York federal judge called insider trading last week as he sentenced billionaire Raj Rajaratnam to 11 years in prison, the longest term ever imposed in an insider trading case, said Susan Pulliam and Chad Bray in The Wall Street Journal. Rajaratnam, 54, the former head of hedge fund Galleon Group, was convicted in May of securities fraud and conspiracy in a probe that has resulted in more than two dozen convictions; prosecutors said Rajaratnam made more than $70 million through illegal tips from corporate insiders and corrupt traders. He was also hit with a $10 million fine and ordered to forfeit nearly $54 million.

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