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Inside-Trading Suspect To Surrender; IBM Names CEO

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Inside-Trading Suspect To Surrender; IBM Names CEO

Business

Inside-Trading Suspect To Surrender; IBM Names CEO

Inside-Trading Suspect To Surrender; IBM Names CEO

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  • <iframe src="https://www.npr.org/player/embed/141712542/141712521" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
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Federal prosecutors are set to file criminal charges Wednesday against Rajat Gupta, a board member of Goldman Sachs. He's been investigated for his ties to hedge fund manager Raj Rajaratnam, who was sentenced to 11 years in prison. Also, IBM has announced a new CEO. Virginia Rometty will be the first woman to run the 100-year-old technology company.

RENEE MONTAGNE, HOST:

NPR's business news starts with the government's insider trading probe.

(SOUNDBITE OF MUSIC)

MONTAGNE: Federal prosecutors are set to file criminal charges today against a prominent business executive. Rajat Gupta was head of the consulting firm MacKenzie and a board member of Goldman Sachs.

ARI SHAPIRO, HOST:

Authorities have been investigating whether Gupta leaked insider stock tips to hedge fund manager Raj Rajaratnam. Rajaratnam was sentenced to 11 years in prison. Gupta is expected to surrender to the FBI today. His lawyer said in a statement that his client is innocent.

MONTAGNE: IBM has announced a change at its helm. Yesterday, the company said that Virginia Rometty will become Big Blue's new CEO. She'll take over from Sam Palmisano this January.

SHAPIRO: Rometty joined IBM in 1981 as a systems engineer. When she becomes CEO, she'll be the first woman to run the 100-year-old technology company.

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