Blawgletter's friends at Above the Law (and its sister site Dealbreaker) give the scoop on the 14-count guilty verdict against hedge fund master of the universe Raj Rajaratnam.

Make that former master of the universe.

A couple of thoughts came to us as we read the news flash:

  • People on Wall Street seem to think this sort of thing Happens All the Time. (Securities fraud, insider trading, and market manipulation, we mean; not a guilty verdict condemning same.)
  • We couldn't believe that Rajaratnam's counsel called a witness who had just done $25 million of new business with the defendant/defendant's family and, worse, that he either knew that Bad Fact and didn't bring it out on direct (very bad) or didn't know about it because he never asked (extremely bad).

Update:  WSJ editors say "the Galleon case looks more like an exception" than support for "the usual denunciation of rampant greed on Wall Street, yadda, yadda."