Forgiveness for the people who put you behind bars only goes so far.
We can’t turn the clock back to June 14, 2012, and neither can the former McKinsey chief turned insider trader.
Gonna be a something of a long shot for Raj to get that Commerce Secretary appointment now.
It's a dirty, dirty phrase and one Gupta says doesn't apply to him; he's waiting for others to get on board.
The Times reports that the friction between Raj Rajaratnam and Rajat Gupta around the Federal Medical Center Devens is more than a little palpable.
That's the good news...
They're going to agree to disagree on this one.
And he'd like to get in on that.
Insider-trading scams can be hard on a friendship.
On a scale of 1 to 10, 1 being standard, 10 being elephantiasis, how big do you think the balls are on the guy who calls up a hedge fund manager 23 seconds after his meeting with fellow board members concludes to leak inside information about that company and then, after being convicted of securities fraud and conspiracy, tells the company, which paid his legal fees, he doesn't owe them a dime? And that maybe if they put everything into an excel spreadsheet, he'll think about tossing them a couple dollars, but probably not?
The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news: 1. Rajat could go to jail for twenty years but probably won't ("Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.") 2. Sentencing is scheduled for October 18 so he's got the whole summer and then some into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The summer of Rajat! Gupta Found Guilty Of Insider Trading [WSJ] *Friend Rajat's ass.