raj rajaratnam said very little as he was read his fate. down the road on wall street, they have been watching closely. he was accused of making more than $50 million on an inciting trading ring, buying and selling shares of 19 companies based on confidential information. his lawyer says this is a wake- up call for the financial industry. >> the government is watching, they're watching very closely and insider trading is breaking the rules and the government will be there looking for people that break the rules. >> the founder of the galleon was heard in court. they used to secretly recorded conversations to get a convention. now the wiretaps are the subject of his appeal. >> this is an unprecedented case for this type of crime. they are usually used for white -- for blue-collar crime. the defense will appeal whether this was permissible. >> the district judge denied a request that he stay free pending his appeal. the judge did show leniency by not handing out a longer sentence. from a life of privilege to prison inmate, as the mastermind b

for example, prosecutors say on september 28, 2008, gupta called raj rajaratnam just 16 seconds after completing a goldman sachs conference call. gupta allegedly told raj rajaratnam, warren buffet's berkshire hathaway was about to make a $5 billion investment in goldman. minutes later, before the markets closed and before the buffet news was public, the next bought 25 million in the stock, the next morning gold's prices rose $3.00 a share. the indian born businessman has extensive relationships with corporate c.e.o.s and charitable foundations. >> india needs that kind of growth. >> reporter: and he's used his voice around the world to encourage job creation, but prosecutor says gupta, who appeared in court today, openly flaunted securities laws. in his statement, his lawyer called the charges baseless, saying mr. gupta is innocent. he has always acted with honesty and integrity. tonight, gupta is free on it will $10 million bail after pleading not guilty. he's not accused of directly profiting from the inside information he allegedly passed on, but if convicted he faces a maximum of

. >> the new york based raj rajaratnam has been sentenced to 11 years in prison for insider trading. >> we have details of the new plan designed to shore up the weakest banks in europe. salvage experts are trying to establish and they can move the remaining oil on board a cargo ship after striking a leak off the coast of new zealand bird video shows a large crack where the oral is leaking. -- where the oil is leaking. >> i am about 25 kilometers south east of -- i am not the mouth of the river. it is one of the most sensitive parts of this coast. i am sorry to say that there is oil. we have a beach cleanup crew. >> your are part of a national recovery. this is a huge tragedy for wildlife. how bad is this for wildlife as well as the environment? >> we have already recovered 500 dead birds and 500 live births. -- birds. there are thousands of birds along the coast. it is an absolute paradise out to. the biggest risk lies with the birds where i am. there are only about -- the risk if we will lose these colonies is very significant. the department of conservation yesterday preemptively c

raj rajaratnam was accused of making $50 million running an insider-trading ring. buying and selling shares in companies that sold confidential information. it is a wake-up call for the financial industry. >> what it sends a strong message is the government is watching, they're watching very closely and insider trading is breaking the rules and the government will be there looking for people who break the rules and they are going to punish them for it. >> the founder of the galleon hedge fund never took the stand voice wasajaratnam's heard in court. they used secretly recorded conversations between he and his associates to get a conviction . the wiretaps are the subject of his appeal. >> this was unprecedented in terms of using wiretaps. they were used for more mob or blue collar crimes. the defense will appeal whether that was permissible. >> the district judge denied a request that he stay free pending his appeal. but said judge chose not to hand out a longer sentence because of his medical problems. from a life of privilege to present in may, the mastermind behi

. >> tom: it's 11 years in prison for hedge fund founder raj rajaratnam. that's his sentence for insider trading. >> when people see a sentence like that, they're going to think twice about doing this sort of thing. >> tom: it's the longest sentence ever for that crime. it's "nightly business report" for thursday, october 13. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. google shares take flight after hours, jumping over $30 a share, susie, after the web giant crushed analyst estimates with its latest earnings. >> susie: tom, profits surged 26% and revenues posted anve bigger in. here's how the numbers stacked up. google earned $2.7 billion, or $9.72 a share, almost a dollar ahead of analyst's estimates. revenues were also better than expected, up 33% to $7.5 billion. >> tom: joining us with more-- scott kessler.

accused of providing information that allowed convicted former billionaire hedge fund manager raj rajaratnam to earn $1 million. >>> former "60 minutes" commentator andy rooney has been hospitalized after developing serious complications from minor surgery. the 92-year-old is said to be in stable condition. >>> and in texas, the last of the most powerful b-53 bombs made by the u.s. in 1962 during the height of the cold war has been dismantled. the 10,000-pound bomb was 600 times more powerful than the one dropped on hiroshima. >>> now here's an early look at how wall street will kick off the day. the dow opens at 11,706 after tumbling 207 points yesterday. the s&p dropped 25 points. the nasdaq sank 61. taking a look at overseas trading this morning, in tokyo, the nikkei was down 13 points but in hong kong, the hang seng added 98. >>> pessimism swept wall street tuesday as doubts about a european debt solution along with weak data and corporate earnings sent stocks tumbles. for today's european finance summit, officials have vowed to announce a comprehensive solution for the region's debt cri

elsewhere, raj rajaratnam, the hedge fund billionaire behind america's biggest ever insider trading case was sentenced to 11 years, the stiffest punishment ever for that crime. >>> is another news corp. brewing? they may investigate rupert murdoch's wall street journal after a u.s. employee claims they buy it through third parties to boost the numbers. >>> finally, even march impharm can be hidden treasury. this marble recently sold for $4,500. >>> coming up, milwaukee cages the cardinals. another step in sidney crosby's comeback. lebron james in the nfl. is it starting to get serious? >>> plus, the detroit tigers get the right bounces to stay alive in the fight for the american league pennant. your early morning sports headlines are straight ahead. >>> after a rainy week, the weekend looks perfect. your forecast is coming up. you're watching "early today." lysol knows a real clean is something you see and smell. lysol no mess automatic toilet bowl cleaner cleans your toilet and freshens your bathroom with every flush. so it's always at its freshest. >>> good morning and welcome back to

also, galleon group founder raj rajaratnam is scheduled to be sentenced for securities fraud and conspiracy. the hedge fund billionaire faces up to 24 years in prison. the financial fallout from last year's oil disaster in the gulf could be far from over. the "wall street journal" reports contractors for b.p. could be fined by the u.s. government for their role in the deepwater horizon spill. they're accused of vit labeling off shore drilling -- violating off shore drilling rules. >> tom: there were fewer listings in the help wanted ads as the summer wore on. the labor department says employers advertised just 3.1 million positions in august. that's down slightly from july. with almost 14 million americans out of work, that means four or more people were competing for each of those job listings in august. >> susie: everyone talks about the need for emergency savings of but many people find it hard to stock away cash. tonight's money file wants to change that. here's the author of "i will teach you to be rich." >> a couple years ago, i was on book tour in portland, and i met a young woman wh

elsewhere, raj rajaratnam behind america's biggest ever insider trading case was sentenced to 11 years. the stiffest punishment ever for that crime. >>> is another news corp. scandal brewing. in england may investigate european investigation figures for murdoch after an employee claims it buys the newspaper through a third party to boost its own numbers. >>> look out for sulfide marbles containing tiny porcelain figures like this. 1900 marble with a teddy roosevelt that recently sold for $4,500. >>> milwaukee cages the cardinals, another step in sidney crosby's comeback, and lebron james in the nfl? starting to get serious? the detroit tigers get the right bounces. to stay alive in the fight for the american league. your first look at sports is straight ahead. it seems like for every anti-aging problem, there's a different cream. i challenge that with olay. i've found one cream with everything i'm looking for... olay total effects. with 7 age defying effects in just one, easy to use cream. i've swapped to all-in-one total effects. why don't you swap too? . >>> welcome back to if the fi

raj rajaratnam is beginning an 11-year spell in prison. the galleon founder found guilty of carrying out illegal trading activity, fined $10 million, will also have to forfeit in excess of $50 million. the results of some of those improper trades. so he goes to prison. elsewhere, a shock for the markets, but a pleasant one. we've seen google trounce analyst expectations on its earnings. profits up 26%. we saw revenue up 37% in the afterhours trade. the stock enjoyed a 6% gain. let me just tell you, european markets, little mixed but the trend is higher at this hour as we come into the u.s. trading session. back to you. >> all right. geoff cutmore live from london, thanks so much. >>> in addition to that 11-year sentence for the hedge king, $10 million fine, give back some $54 million of his money. >>> still ahead on "way too early," the tigers turn to the best arm in baseball. come on, in your heart you know you're rooting for detroit. we'll show you how the tigers did against the rangers playoff highlights ahead in sports. herman cain the

prosecutors say gupta used his position at goldman to feed convicted hedge fund manager raj rajaratnam inside information. gupta faces up to 105 years in prison. his lawyer says the case is based on unreliable evidence. b.p. its first new permit since last year's oil spill to drill a new oil well in the gulf of mexico's deep waters. the company can resume exploration after the record spill last spring. regulators say b.p. has met strict safety requirements implemented since the disaster. the proposed exploratory well is located about 250 miles south of lafayette, louisiana, in water more than 6,000 feet deep. third-quarter corporate earnings reports we've seen have been a mixed bag, but the stock rally this month continues. what is it that makes a company good? is it solely profit? reputation? or something else that signifies a business is "good"? in tonight's "money file," manisha thakor finds bigger and bigger may not always make for a better company. >> as a former buy-side equity analyst and portfolio manager, it was drilled into my brain that "growth is good." when earnings season

former hedge fund giants raj rajaratnam getting 11 years behind bars this week. little after michael got a 2 year sentence. fat cats doing some serious time. and fat chance that the protesters noticed or cared. they want them to pay their comeuppance. >> they should. there's a barely discern bible truth. wall street does sleazily things and-- >> not all. >> but a lot of them and i've one of the interesting things, they don't understand that there is he' been a massive crackdown on wall street going on for many years now and raj is the latest victims and not saying that he did anything wrong, but clearly the government is going after-- >> doing more time. >> 11 years the biggest sentence passed down in insider trading. insider trading is tough to prove in a court because if you're always passing information around. what, the big thing in this case they wire tapped it and that's big and where the appeal is going on. the wire tap. >> and doing it with racketeers. i think we're seeing a lot more of this. >> and i like to hear adams viewen this. i think there's a good

that's where raj rajaratnam will stay for 11 years. it's the harshest sentence ever for an insider trading case. in addition to prison, he's been fined $10 million and ordered to forfeit nearly $54 million in illicit profits. >>> also, this morning, dominique strauss-kahn is off the hook in france. prosecutors in paris dropped their investigation into a writer's claim that he tried to assault her in 2003. they say the actions of the former imf chief qualify as sexual assault. but it simply happened too long ago to pursue those charges. >>> hundreds of mourners showed up at a hair salon in seal beach, california, last night, for a candlelight vigil in honor of the eight people shot to death by a gunman on a rampage. among those killed, the ex-wife of the shooting suspect. the two had been engaged in a bitter custody battle. but now, even some of his friends say what he's accused of doing is unforgivable. and he even deserves the death penalty. >> after what he's put people through, the sorrow and all the people he hurt, i've got to say

he's accused of aiding a billionaire fund manager, raj rajaratnam, who was found guilty of insider trading. he's facing a long prison sentence and high fines if found guilty. >> you're watching "bbc world news." european stock markets have risen after european leaders worked late into the night to agree on a plan to cut the greek debt mountain and deal with the wider financial crisis. what sort of impact has that had within greece itself? i'm joined by the chairman of the athens chamber of commerce. thanks very much for joining us. a 50% cut for you effectively, the banks taking on 50% of those debts. is that enough? >> first of all, we have to be very careful, because let's not forget, the devil is in the details. we don't want the reputation of took a first of july agreement. we have to wait to actually see the technical details of this announcement. because, after all, there's two issues. one is the technicality, as i said. and secondly, it's the political issue, because it will be very difficult for the government to be able to explain why, after almost 10 years in 2020, we will be bac

a former billionaire hedge fund manager raj rajaratnam was sentenced today to eleven years in federalprison. it is the longest sentence ever given for insider trading. the founder of the galleon group was convicted last may. he also has to pay a $10 million fine, and forfeit more than $50 million from illegal trades. those are some of the day's major stories. now, back to judy. >> woodruff: alabama's new immigration law, recently upheld by a federal judge, is now starting to have an economic impact in the state. representatives of the agricultural and construction industry, say they are losing a significant portion of their workforce. and it is against that backdrop, the state's hispanic community is voicing opposition. the mi pueblo supermarket in birmingham closed its doors yesterday. joining hispanic-owned businesses across alabama to take a stand against the state's tough new immigration law. >> we all hispanic, we should all be together, to represent you know our-- how we feel to the state about it. >> woodruff: the work stoppage also hit the poultry industry. the parking lot was

he'd been involved in the raj rajaratnam case, a hedge fund manager now in jail for insider trading and bad tapes that came out during that trial that when rajat gupta was a board member of goldman sachs he was leaking some information to rajaratnam, and there's going to be some big questions about that, so this is probably one of the highest-profile people in the business world to get ensnared in this. this is someone who advised people like bill and melinda gates on their foundation, jeffrey immelt at ge and he was in the very high ranks of the corporate world. >> we'll be keeping an eye on it all day, thanks, andrew. >> thank you. >>> "the daily rundown" will be back in 30 seconds. >>> i'm chris cillizza in for chuck todd, and you're watching "the daily rundown." and here's some other stories making headlines -- >>> three more people have been rescued today after sunday's powerful earthquake in eastern turkey. the country's prime minister is blaming poor construction for adding to the death toll. at least 460 people were killed. >>> there's new tension in oakland this morning after s

. >>> and raj rajaratnam was -- >>> and he said using propofol as a sleep drug was a gross deviate from it is normally used. now back to "hardball." >>> back to "hardball." the occupy wall street movement is still in its fantasy, of course, but the protesters have gained the support of about a third of the country now, that's according to our new nbc/"wall street journal" poll this week. it's a great poll. 37% say they support the movement, that's higher than the number that supports the tea party. that's a significant advantage, which is 26. but there are still real questions about the staying power of those people, there they are, camped out in the streets of new york, and where does it go and where will it find tangible support in washington, if it does. and for that matter, will anyone step up to act as a leader for the movement, or at least represent their concerns here in washington. john larson's a congressman from connecticut and chairman of the democratic caucus. he joins us now. congressman larson, you are a levelheaded leader of the party, the democratic party, and i keep wai

he allegedly aided raj rajaratnam-- a former billionaire hedge fund manager, who's been sentenced to 11 years in prison. wall street racked up late gains on reports that china might invest in a financial bailout fund for european countries. the dow jones industrial average gained 162 points to close at 11,869. the nasdaq rose 12 points to close above 2,650. the casualty count from sunday's devastating earthquake in turkey rose again today to 461 killed and more than 1,300 injured. at the same time, three more people were rescued, including this teacher. she was carried away after being pulled from a collapsed building. workers continued the search with shovels, but the chances of finding more survivors were dwindling. in ankara, turkish prime minister recip erdogan blamed shoddy construction led to the large number of dead and injured. >> ( translated ): we see that people are paying the price for concrete that virtually turned to sand, or for weakened concrete blocks on the ground floors. municipalities, constructors and supervisors should now see that their negligence amounts to mu