The fact that lawmakers like Sen. Joe Lieberman need to go out of their way to draft specific legislation to stipulate that members of Congress shouldn’t be engaging in insider trading with information they may come across by virtue of their vaunted positions is kind of revealing, isn’t it?
The Wall Street Journal got our attention with Thursday’s breathless report about Raj Rajaratnam, whom the Murdochian concern dubbed “the face of the biggest trading scandal in a generation,” and his newly dispensed prison sentence, “the longest-ever term handed down for an insider case.” So how long will Rajaratnam be locked up, if he’s unlucky?