Write-Offs: 03.09.11

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$$$ "Assistant US Attorney Jonathan Streeter said those individuals [that comprised Rajaratnam's 'corrupt network'] will include Anil Kumar, a former McKinsey & Co. consultant; Rajiv Goel, a former Intel Corp. executive; and Adam Smith, a former Galleon trader. All three men, who have pleaded guilty to criminal charges and are cooperating with prosecutors, allegedly shared inside information with Mr. Rajaratnam, which he then allegedly used to make improper trades. In return, Mr. Kumar received payments from Galleon, sometimes in the name of his housekeeper and another time directly to his bank account in India, Mr. Streeter said. Mr. Rajaratnam also made profitable trades in Mr. Goel's account, using inside information he had received from others, Mr. Streeter said. The tips included information about an acquisition by Advanced Micro Devices Inc. and Intel's results, Mr. Streeter said." [WSJ]

$$$Harbinger Skirts $100M Loss On Satellite Co. [FINalternatives]

$$$ Alan Simpson, co-chief of President Barack Obama’s debt-reduction commission, called the U.S. fiscal position “unconscionable.” “People just sit out there and blink like a frog in a hailstorm,” he said. “They don’t have any idea what the hell’s going on.” [Bloomberg]

$$$ Warren Buffett's China car deal could backfire [Reuters]

$$$Ex-Och-Ziff Manager To Launch Japan Long/Short Hedge Fund [FINalternatives]

$$$ JPMorgan Fights Back on Forced Principal Forgiveness [CNBC]

$$$Did a Snowy Winter Prevent Murders? [WSJ]

$$$Top news on Bloomberg today: "The human penis lost the sensitive ridges common to many animals more than 800,000 years ago in an evolutionary move that promoted longer sex and monogamy, U.S. researchers said." [BN]

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