Ex-Goldman director arrested in trading case

[malaise]

http://www.msnbc.msn.com/id/45045027/ns/business-us_business/#.Tqgb23LQPUk
<snip>
NEW YORK — Former Goldman Sachs director Rajat Gupta surrendered to federal authorities Wednesday to face criminal charges related to his hedge fund manager friend Raj Rajaratnam, the central figure in a U.S. crackdown on insider trading.

An FBI spokesman said Gupta, 62, surrendered to agents at his home in Connecticut and he was driven to the New York FBI office, where he was placed under arrest at 8:15 a.m. ET.

The Securities and Exchange Commissioner originally brought civil fraud charges against Gupta in March. The SEC alleged that, at the height of the financial crisis, he passed along privileged financial information that helped enrich Raj Rajaratnam, a former billionaire hedge fund manager who was the prime target of the criminal probe.

Gupta's name played prominently at the criminal trial earlier this year of Rajaratnam, who was convicted after prosecutors used a trove of wiretaps on which he could be heard coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades.

[Cirque du So-What]

1. Well, it's a start...

now let's see justice rain down on Wall Street in torrents!

[flamingdem]

5. Break out the pitchforks

Time to sweat 1%

[Lint Head]

2. Bankers! Bankers! Arrest the bankers too.

[malaise]

3. Huh?

Former Goldman Sachs director

[Lint Head]

4. Regarding Goldman Sachs:

The Goldman Sachs Group, Inc. (NYSE: GS) is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.

The people that approved loans to people that could not afford them was not this guy. Sorry to not being more specific.

This guy didn't give a rats ass about the people in the field. He just put the money in his pocket. The fish rots from the head.