Ex-Goldman director charged with insider trading

[ProSense]

Ex-Goldman director charged with insider trading

By MARCY GORDON and DANIEL WAGNER, AP Business Writers

WASHINGTON – Federal regulators have charged a former Goldman Sachs board member with insider trading, saying he gave confidential information to the key figure in what prosecutors call the largest hedge fund insider-trading probe ever.

The Securities and Exchange Commission announced the civil charges against Rajat Gupta on Tuesday. The SEC said Gupta told Raj Rajaratnam, founder of the Galleon Group hedge fund, that Warren Buffett's Berkshire Hathaway planned to invest $5 billion in Goldman before it was publicly announced at the height of the financial crisis.

Gupta also is charged with giving Rajaratnam confidential earnings information from Goldman and Procter & Gamble. Gupta served on Goldman's board from 2006 until last May. He was a P&G board member from 2007 until resigning Tuesday, after the charges were announced.

Gupta was an investor in some of the Galleon hedge funds when he passed the information along, and he had other business interests with Rajaratnam, the SEC said. Rajaratnam used the information from Gupta to illegally profit in hedge fund trades, the SEC said.

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Why isn't this getting more attention?

[golfguru]

1. Lock them up and throw the key away!

All these Wall Street crooks deserve to be sent to GITMO prison for life.

[ClarkUSA]

7. So much for the "Obama is on the side of Wall Street" bullshit meme so many push around here, eh?

Facts do matter more than rhetoric.

Bookmarked.

[SpartanDem]

2. K&R

[amandabeech]

3. The Gupta investigation received quite a bit of press some time ago

when news of the probe was leaked.

Apparently you missed it.

It's nice, but the SEC hasn't been been able to put the fear of God into any CEO for quite some time.

[Badfish]

4. "Why isn't this getting more attention?"

Cause that hack Matt Taibbi already said nobody is investigating , and they all got off scott free.

I knew that idiot was going to get in trouble with his knee jerk article. Since when do investigations take 2 months ?

[Badfish]

5. Here he is.

[ClarkUSA]

6. Thank you, President Obama, for pursuing corporate fraud! This never would've happened under Bush.

Ex-Goldman director charged with insider trading

By MARCY GORDON and DANIEL WAGNER, AP Business Writers

WASHINGTON – Federal regulators have charged a former Goldman Sachs board member with insider trading, saying he gave confidential information to the key figure in what prosecutors call the largest hedge fund insider-trading probe ever.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=621796&mesg_id=621796

[Kdillard]

8. Excellent news. Hope there is more to come.

[Politicalboi]

9. Because they aren't

Martha Stewart.

[MgtPA]

10. Did anyone else read "Ex-Goldman dictator"?

[ClarkUSA]

11. Funny how few seem to want to give credit to President Obama for this.

But I will!

:kick:

[Lucky Luciano]

12. I've seen a log of coverage for this from Bloomberg. nt