As you may have heard, yesterday morning, former McKinsey managing director Rajat Gupta was charged with insider trading. Is he worried he might be headed to jail in the not too distant future? Not in the slightest. Because 1) As previously mentioned, that time he took part in a fall 2008 conference call with GS management and fellow board members and after hanging up, made himself wait exactly twenty three seconds before getting Raj Rajaratnam on the horn with the details? Wasn't with the intent for the Galleon manager to actually trade on the material non-public information Rajat was sharing. And 2) Even if a court of law should interpret the evidence otherwise, someone's got his back.
Mr. Gupta believed it was auspicious to surrender on Diwali, a major holiday popularly known as the "Indian festival of lights," according to childhood friend Anand "Bill" Julka, who said he has spoken recently with Mr. Gupta. "He believes he is innocent and the gods will protect him if humans fail," Mr. Julka said.
It's all good.