Friday, 15 June 2012

End of days for Gupta?

Hope he gets his 110 years in prison.

"From 3:13pm to 3:53pm on September 23, 2008, Gupta participated in a Goldman board meeting conducted over a conference call from his office at McKinsey & Co., where he had once served as CEO, Tarlowe explained.  Within seconds of ending the board meeting, Gupta called Rajaratnam’s direct line at Galleon, the prosecutor went on, which was available to a select few people.  Immediately after their call ended at 3:56pm, Rajaratnam ordered one of his traders to purchase 100,000 shares of Goldman.  A minute later, he ordered a more senior trader at Galleon to purchase an additional 250,000 shares – the combined purchases were worth about $43 million.  No one else other than Gupta called Rajartnam’s direct line during the last ten minutes of trading on that day, Tarlowe added.  And the size of the trade went well beyond Galleon’s trading parameters.  News of Berkshire Hathaway’s investment in Goldman became public well after trading closed on that day"

Link here