Voltaire — To learn who rules over you, simply find out who you are not allowed to criticize
Friday, June 15, 2012
Major Obama donor Rajat Gupta has been convicted of insider trading
Rajat K. Gupta, the retired head of the consulting firm McKinsey & Company and a former Goldman Sachs board member, has been found guilty of conspiracy and securities fraud. He is the most prominent business executive convicted in a wave of prosecutions that followed the government’s sweeping investigation into insider trading on Wall Street. After a month long trial in Federal District Court in Manhattan, a jury took only two days to deliberate before reaching a verdict. It found Gupta guilty of leaking confidential information about Goldman to his former friend and business associate, the fallen hedge fund titan Raj Rajaratnam, a Sri Lankan native, on three different occasions in 2008. He was also convicted of conspiring in an insider trading scheme with Rajaratnam. Gupta faces a maximum sentence of 25 years in prison, but will probably serve less time than that. Rajaratnam, the former head of the Galleon Group hedge fund who was convicted of orchestrating a huge insider trading conspiracy, is serving an 11-year jail term. The criminal charges against Gupta stunned the global business world. Gupta, a native of Kolkata, India, was orphaned as a teenager. After earning an engineering degree, he moved to the United States after receiving a scholarship to Harvard Business School. He then landed a job at McKinsey, the elite management-consulting firm. In 1994, at age of 45, Gupta was elected the global head of McKinsey, the first non-American-born executive to run the firm.
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