As usual, the offshore media is more candid than the American: Bloomberg's Galleon’s Rajaratnam Charged in Biggest Hedge Scheme By David Glovin, Katherine Burton and David Scheer Oct 16 2009 pussyfoots around:

“The defendants operated in a world of, you scratch my back, I’ll scratch your back,” U.S. Attorney Preet Bharara in Manhattan said at a press conference today. “Greed, sometimes, is not good…
The SEC’s complaint said that Rajaratnam didn’t deserve his reputation for “genius trading strategies” or “astute study of company fundamentals or marketplace trends.”
“Raj Rajaratnam is not a master of the universe, but rather a master of the Rolodex,” Robert Khuzami, director of enforcement at the SEC, said at the press conference.

The Indian Diaspora web site Thaindian.com gets straight to the point:
World’s richest Sri Lankan, two Indian Americans charged with insider trading by IANS October 17th 2009

“This is not a garden-variety insider trading case,” Preet Bharara, Indian-American US Attorney for Manhattan, said… One of the criminal complaints accuses Rajaratnam of conspiring with Intel Capital treasury department managing director Rajiv Goel and Anil Kumar, a director of McKinsey & Co.

Of course, Rajaratnam ( a major Democratic donor) may be innocent. And he may be acquitted (a different thing).

But we are going to see a lot more of this sort of news, as I said at the time of the Vivek Kundra mess. Introducing clannish ethnic groups from deeply corrupt cultures into a society with a more honest (and therefore less protected) tradition can only have one result.

The only reason why more of it has not been detected yet on Wall Street is that most of the Asians there are still very junior. As I have seen myself, it is very common to attend analyst meetings now where half those present are either South or East Asian. Usually less a third are white men – and that includes Jews.

As for WASPS, as our correspondent Henri Roussseau noted, forget it.

Why is this happening? Lies frequently bandied about include ability and cheapness. These are nonsense. Hiring on Wall Street is a process of intense cronyism – and increasingly it would seem, racially motivated. Large firms will be/are experiencing the process laid out here.

21st Century Wall Street – Minority Occupied Territory.