The Justice Department sought a 19-24 year sentence for Hedge Fund billionaire Raj Rajaratnam and attained eleven years, which is still unprecedented. He was convicted of insider trading, which is not what people are really pissed off about. But it is not often that billionaires go to jail, and they certainly don’t do hard time. It’s important that the government prosecute these cases, not only for the integrity of the market, but also so people can retain some faith in equal justice. That the government sought to put this man away for nearly a quarter century is surprising to me. I guess I’m cynical, but I expect more of a slap on the wrist. This will put a lot of people on notice. It’s progress.

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