High Profile Insider Trading Case – Former Goldman Director Rajat Gupta

If you don’t believe that the government is coming down very hard on those Wall Street folks who engage in insider trading, just watch the following Wall Street Journal video about the Rajat Gupta case http://online.wsj.com/video/the-case-against-former-goldman-director-gupta/2B7A0CFA-FBA0-4AD8-9851-DB6BDDD4088F.html

Gupta, the former global head of the consulting firm McKinsey & Company, as well as a former director at both Goldman Sachs and Proctor & Gamble, has been charged with conspiracy and securities fraud, in a government investigation that so far has resulted in 59 convictions.  What is somewhat unique in this high profile case is that government investigators do not have actual recordings of Mr. Gupta passing insider information but they are using a combination of phone records, trading records and wire taps of Raj Rajaratnam and Rajat Gupta to compare the information on these recordings to Mr. Gupta’s actions.

The Gupta case has all of the intrigue that was associated with the trials of Ivan Boesky                  

in the 1980’s. Possible witnesses in the Gupta case include such high profile people as Lloyd C. Blankfein, the Chief Executive of Goldman Sachs; Gary D. Cohn, the bank’s president; A.G. Lafley, the former CEO of Proctor & Gamble; Kenneth I. Chenault, CEO of American Express; Bryon Trott, the former Goldman banker who oversaw Warren Buffett’s investment; and Steven Peikin, a Sullivan & Cromwell lawyer.

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