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...against a slew of dark-suited desk jockeys accused in Wall Street's largest insider-trading scandal in decades. Authorities say billionaire hedge-fund manager Raj Rajaratnam, founder of the Galleon Group, and 19 others illegally used secret information about public companies to inform investments that yielded some $60 million in profits over the past several years. The defendants, who also include traders, lawyers and executives at firms such as IBM and McKinsey & Co., now face hefty fines and years behind bars. (Read "Arrests Open a Window on Hedge-Fund Culture...
...Street excess, witnessing some of the most notorious insider-trading prosecutions in history. Corporate raider Ivan Boesky - said to be an inspiration for the fictional Gordon ("Greed ... is good") Gekko, villain of the Oliver Stone film Wall Street - was sentenced to 3½ years in prison and fined $100 million in 1986 for insider trading. Financier Michael Milken, the "junk-bond king" who famously earned $550 million in 1987, avoided prosecution on similar charges by pleading guilty to other criminal counts. But the largest insider-trading conviction came two decades later, in 2007, when former Qwest Communications head Joseph Nacchio...
Meanwhile, a mastermind of one of the most elaborate insider-trading schemes in recent history remains on the lam. David Pajcin, a former Goldman Sachs analyst, pleaded guilty in 2006 of running a $6.7 million scam that authorities first detected when a retired underwear seamstress in Croatia earned $2 million in profit from a suspicious, two-day investment in Reebok. The 63-year-old, who did not own a computer, was Pajcin's aunt; he traded stocks in her name and in the name of an exotic dancer he was dating to escape scrutiny. In one ploy to glean inside...
When they are rolling through the streets in strollers, toddlers are usually the ones throwing temper tantrums. Now it's their parents who are having the biggest fits. On Monday the U.S. Consumer Product Safety Commission (CPSC) announced a stunning recall of some 1 million Maclaren strollers that were released nationwide from 1999 through November of this year. Maclaren, the 42-year-old British brand, is wildly popular among the young-urban-professional set. The strollers are light, compatible and upscale but not terribly expensive (the recalled models cost from $100 to $360). (See the top 10 product recalls...
Indians "love to reduce the prosaic to the mystic," Jan Morris wrote, affectionately, more than 30 years ago. And foreigners who go to India often love to project upon its 350 million or so gods their own rainbow-colored visions of Eternity. But far from the Technicolor gurus who excite so much attention in the West, and behind the beeping trucks and fast-rising malls that are so exhilarating to Indians today, everyday souls are sustaining centuries-old ways of bringing gods into their difficult days and homes. In their devotion and humble attentions, Hindu and Muslim and Jain...