Professor John Coffee of Columbia Law School, who is considered one of the foremost legal scholars in the securities area, discusses the effect of the conviction of Galleon Group co-founder Raj Rajaratnam on insider trading:
Connecticut issues layoff notices
The governors are getting it done. And it’s painful.
From the Wall Street Journal:
After months of closed-door talks with state employee unions, Connecticut Gov. Dannel Malloy announced that no deal could be reached to garner $1 billion annual concessions needed to close a $3.5 billion budget gap.
Happy days may be over in our 51st state. Joan Gralla of Reuters reports:
Puerto Rico’s credit rating might be cut due to its “deeply underfunded” pension system, Moody’s Investors Service said on Tuesday, in a reminder of one of the biggest threats to state and local finances.