Around 10:50 AM ET, one of the biggest financial news stories of the year came to a head when a federal jury convicted Galleon founder Raj Rajaratnam on 14 counts of securities fraud, insider trading and conspiracy. Rajaratnam is said to have made nearly $64 million in illegal profits, and faces the prospect of spending the rest of his life in prison.
The general news channels did not cover the announcement live, but all three cable business networks were on top of it:
The Galleon case shook the hedge fund world, and has been watched very closely by nearly everyone in the financial community. Rajaratnam will be sentenced in July.
Expect the business channels to cover the verdict throughout the day, and the general news channels to include it in their coverage.