Ex-Goldman director Gupta gets two-year prison sentence – Yahoo! News.
Former Goldman Sachs Group Inc board member Rajat Gupta
Don’t do the crime, if you can’t do the time. Just because he gave charity, does it mean that he should get a break from the law. Two years is loo light a sentence. This once again shows that so called white-collar crime goes under-punished.
NEW YORK (Reuters) – Disgraced Wall Street titan and philanthropist Rajat Gupta was sentenced to only two years in prison, a much lighter sentence than U.S. prosecutors had demanded, even though the federal judge who imposed it on Wednesday called his insider trading crimes “disgusting” and “a terrible breach of trust.”
Gupta was also ordered to pay a $5 million fine. He was convicted in Manhattan federal court last June for leakingGoldman Sachs boardroom secrets to Raj Rajaratnam, the hedge fund manager at the center of a U.S. government crackdown on insider trading over the past four years.
Some legal experts said the sentence came as a surprise, while others said the judge struck a fine balance.
U.S. District Judge Jed Rakoff told a somber courtroom audience, including Gupta’s wife and four adult daughters, that the illegal sharing of corporate secrets at the height of the 2008 financial crisis “was the functional equivalent of stabbing Goldman in the back.”
No Jail Time for Cooperating Witness in Galleon Case – NYTimes.com.
Cooperate and you and you are off the hook ? Interesting.
Anil Kumar has been the consummate cooperator. Over the last two years, he detailed an illicit scheme with a billionaire hedge fund titan, decoded secretly recorded conversations and gave stunning performances in two of the largest insider trading cases in history.
The government thanked him by letting him off with no jail time.
On Thursday, Mr. Kumar, a former top partner at the prestigious consulting firm McKinsey
& Company, was sentenced to two years of probation for insider trading. He will have to repay more than $2 million in ill-gotten gains.
Raj Rajaratnam, David Loeb’s Intimate Ties Revealed in ‘Big Daddie’ Emails
This is No laughing matter. But then again Wall Street as a whole is a big fat joke.
Guys, if you want to pass some insider “tiddie biddies” about major companies along to your friends you probably shouldn’t do it in writing.
It appears the David Loeb and Raj had an especially close relationship, according to the emails reviewed by the WSJ; Loeb affectionately referred to Rajaratnam as “Dr. RR” and “big daddie” and signed his emails “CBF” reportedly an acronym for “Chunky But Funky.”
Gary Cohn: ‘Of Course, I Would Like To be CEO of Goldman Sachs’ – Deal Journal – WSJ.
|When will my time to shine arrive ?
Every few months speculation about whether Goldman CEO Lloyd Blankfein is about step aside and who would succeed him surfaces. It has been one Wall Street’s favorite parlor games the past few years.
|Keep Dreaming, buddy.
It’s all fun and games until it really happens. 😉
Goldman Stuck With a Defense Tab, and Awaiting a Payback – NYTimes.com.
Rajat Gupta, left, and his lawyer Gary Naftalis.
For Goldman Sachs, the insider trading case against a former board member, Rajat K. Gupta, which ended in a conviction on Friday, was distracting and discomforting.
At least until now, it has also been very expensive.
Victory Spurs Speculation on Bharara’s Next Move – NYTimes.com.
With the conviction of Rajat K. Gupta, the United States attorney in Manhattan,Preet Bharara, has now secured the biggest scalp yet in the government’s broad campaign against insider trading on Wall Street.
Rajat Gupta Conviction May Deter Insider Trading — For Now.
Former Goldman Sachs director Rajat Gupta, left, and his attorney Gary P. Naftalis leave federal court in New York on Friday.
The conviction of Rajat Gupta on insider trading charges is a real score for government prosecutors — maybe the biggest such conviction in history.
It will also probably barely deter other people from insider trading.
“I think for the next few days people will talk about Gupta, and for the next few days they will be more thoughtful about their actions,” said Dan Ariely, a behavioral economist at the Duke University Fuqua School of Business. “And then it will stop.”