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Evening Leaders – Rajaratnam Gets 11 Years, Google Profit Climbs

Commodity Sell Off Hits Some Hedge Funds Hard (ReutersUK)

A sharp sell-off in commodity markets in the past few weeks is wreaking havoc with the track records of some of the biggest-name funds in the sector, many of which now languish near the bottom of the $2 trillion (1.27 trillion pound) industry’s performance tables.

Warren Buffett Rule Would Affect 25% of the Nation’s Wealthy (CNNMoney)

A quarter of millionaires don’t pay enough in federal taxes to satisfy the Buffett Rule, according to a new study from the Congressional Research Service.

Raj Rajaratnam thinking

Rajaratnam Gets 11 Years (NYTimes)

The fallen hedge fund billionaire Raj Rajaratnam received the longest prison sentence ever for insider trading on Thursday, a watershed moment in the government’s aggressive two-year campaign to root out the illegal exchange of confidential information on Wall Street.

Paulson Fund Returns are Amongst Industry’s Lowest (CNNMoney)

During the recent downturn, legendary hedge fund investor John Paulson was in a class by himself, generating returns of up to 600% by betting against mortgages in 2008 as the market crashed.

Google $GOOG Profit Climbs 26% (WSJ)

Google Inc.‘s third-quarter earnings rose 26% as growth in demand for the Internet heavyweight’s search advertising accelerated sharply. Shares were up 5.4% to $589 in after-hours trading, after closing at $558.99, up 1.9%, or $10.49, at 4 p.m. on the Nasdaq Stock Market.

BP Returns to Gulf-Lease Bidding (WSJ)

The U.S. has decided to allow BP PLC to bid on new oil-drilling leases in the Gulf of Mexico that go up for sale later this year, less than two years after BP’s Macondo well erupted and caused the worst offshore oil spill in U.S. history.

Gap $GPS Downgrading US Presence (WSJ)

Gap Inc. said it plans to close about 21% of its North American Gap brand stores between now and the end of 2013, a huge retreat for the retailer and a looming headache for mall owners already beset with vacancies.

Netflix $NFLX Licenses CW Shows for $1 Billion (WSJ)

Netflix Inc., working to boost its catalog of programming available for video-streaming, struck deals for shows from The CW Network. The movie-rental company has licensed the rights to stream more than 700 hours of previous-season episodes of The CW’s shows, as well as future programs through the 2014 to 2015 season. The rights extend for four years after each series ends its broadcast on the network.

Credit Suisse Looks to Eliminate CMBS Group (WSJ)

Credit Suisse Group is poised to shut down its commercial-mortgage-backed securities division just days after a new warning of layoffs on Wall Street, according to people familiar with the matter.

PepsiCo $PEP to Enter Yogurt Market (WSJ)

Drinks and snacks giant PepsiCo Inc. is preparing to take a big step forward in its drive to become a global dairy powerhouse and boost growth in its largest market. The maker of Lay’s potato chips and Pepsi-Cola is closing in on a joint venture with German dairy company Theo Müller Group that would give it a foothold in the fast-growing U.S. yogurt market, according to people briefed on the matter.

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