Feb
04

Rajat Gupta Appealing Suggestion Passing Material Non-Public Info To Hedge Fund Manager Friend Was “Insider Trading”

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rajatguptamckinseyRemember, back in 2008, how Warren Buffett agreed to loan his friends at Goldman Sachs $5 billion to muscle through the financial crisis? And how McKinsey partner and Goldman director Rajat Gupta was on the call in which the details were discussed? And how he hung up the phone, counted to 23, and then called his friend Raj Rajaratnam with the news? And how Raj Rajaratnam then put said good news, which some might describe as material non-public information, to use at his hedge fund? Gupta presumably remembers all this, because he did 19 months on the inside for it. Now, he’s hoping a judge will reconsider the whole securities fraud conviction label, as he was apparently just telling Rajaratnam about the investment in a “two guys shooting the sh*t” type way, and not at all in the hopes of some sort of financial gain, the mere thought of which actually sickens him…

Rajat Gupta Appealing Suggestion Passing Material Non-Public Info To Hedge Fund Manager Friend Was “Insider Trading”

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