Breaking news, if I can type fast enough: Raj Rajaratnam has been convicted of multiple charges of fraud and insider trading. He could face up to 25 years in the slammer. See below for the "what now?"
If what Raj did was criminal, why were the acts of the executives of AIG, BoA, JPMorgan Chase, and Citi any different? What distinguishes "insider trading and fraud" from conspiring to sell garbage securities because you know it will benefit you and your corporation at the expense of the suckers buyers?
I leave the finer points of this question to those who are more knowledgeable (far more knowledgeable) than I on questions of finance. All I know is that with Republicans making Dodd/Frank an increasingly tattered rag with which to shield ourselves from their depredations, the only way I'll feel safe is with the aforementioned executives in the same dock where Rajaratnam found himself.
Please discuss.