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From rags in India to rich living the American dream. Some jurors were in tears as the verdict was read. Capitalism of greed led to his downfall …
Former McKinsey chief and Goldman Sachs director Rajat Gupta convicted of insider trading
(Times of India) – The jury found Rajat Gupta guilty of leaking confidential information about Goldman to his former friend and business associate, the fallen hedge fund titan Raj Rajaratnam, on three different occasions in 2008.
So far 66 cases have been brought against people involved in the insider dealing associated with Galleon, once a $7bn hedge fund. He is the 62nd person to be convicted or to have pleaded guilty out of 68 people charged since 2009. So far no-one charged has been found not guilty. The case brought by Manhattan US attorney Preet Bharara controversially used wiretaps to gather evidence, a technique more usually associated with mafia cases.
(Economix blog) – Rajat Gupta was rich by almost any standard. He just wasn’t rich compared with many of the people who surrounded him. He knew it, and he didn’t seem to like it.
He was envious of the wealth that his peers were amassing. In that way, Mr. Gupta is a symbol of a different kind of income inequality from the one at the heart of the Occupy Wall Street protests, where demonstrators proclaim themselves part of the “other 99 percent” and criticize the top 1 percent of earners.
"But I will not let myself be reduced to silence."
