Merry Christmas! Maybe it's because of some vestigial religious undertones to this holiday, or maybe it's because the end of the tax year is rapidly approaching, along with the urgency of maximizing your annual deductions. Either way, this is a particularly philanthropic time of year. And since I'm personally feeling very charitable right now, I've decided to do you all the favor of telling you that when it comes to philanthropy, you're doing it wrong.
from Felix Salmon:
It was quite surprising when Jed Rakoff, scourge of Wall Street, sent Rajat Gupta down for only two years on Wednesday. After all, federal sentencing guidelines suggested that Gupta should get a sentence four times longer than that. And Gupta wasn't some small-time crook grubbing for dollars with inside information, either: he did enormous damage to the reputations of central icons of our capitalist system, like McKinsey and Goldman Sachs. But for all that, said Rakoff, he is at heart a good man: