Former Goldman Sachs director Rajat Gupta in custody

[xchrom]

http://www.bbc.co.uk/news/world-us-canada-15466038

A former director at investment bank Goldman Sachs has been taken into custody on charges relating to a hedge fund insider trading case.

Rajat Gupta, 62, is accused of providing illegal information to hedge fund manager Raj Rajaratnam.

Rajaratnam was sentenced to 11 years in jail for insider trading earlier this month.

Civil fraud charges were brought against Mr Gupta by the US Securities and Exchange Commissioner in March.

[banned from Kos]

1. shhhh - there is a narrative out there that these indictments and convictions

aren't really happening.

[flamingdem]

2. Where is there more information on other cases?

The narrative could use a few plot twists..

[banned from Kos]

5. Lee Farkas and Allen Stanford are the two most famous.

http://www.nytimes.com/2011/04/22/business/22norris.html?pagewanted=all

Raj - in the OP got 11 years. Several guys from SAC Capital are in the slammer.

The count is about 20 since Jan 2009.

[flamingdem]

7. Good news nt

[ChandlerJr]

13. Google Martha Stewart

they nabbed her on the same insider trading charges.

[xchrom]

6. this has nothing to do w/ collapsing the economy.

but you knew that.

[banned from Kos]

10. True - I always go back to culprit #1 of crappy mortgages - Angelo Mozilo

They had him indicted. The SEC wanted him convicted like any prosecutor would.

And he got away with a big fine and no admission of guilt.

[DirkGently]

12. I think the narrative is that nothing's been done about the systemic fraud. It's true.

[GOTV]

15. No there's not

That's a misrepresentation of the complaints of Obama critics.

There's a narrative that none of the people who tanked the economy will every be investigated let alone put on trial.

[soleft]

3. So all it took was Kathy Bates to raise a stink to make this happen?

Wow.

Can we get her on the jobs bill?

[sarcasmo]

4. A couple thousand more of these greedy parasites need to be arrested.

[xchrom]

8. Gupta Charged With Securities Fraud Related to Goldman Tips

http://dealbook.nytimes.com/2011/10/26/gupta-surrenders-to-authorities-on-insider-trading/

Rajat K. Gupta, a former Goldman Sachs director who surrendered to the Federal Bureau of Investigation on Wednesday morning, was charged with insider trading, the latest development in the government’s multiyear crackdown on illegal activity on Wall Street.

Mr. Gupta, 62, is accused of leaking corporate secrets on Goldman Sachs to the hedge fund manager Raj Rajaratnam, the Galleon Group co-founder who was sentenced to 11 years in prison this month for making tens of millions of dollars through insider trading. A federal grand jury in Manhattan charged Mr. Gupta with one count of conspiracy to commit securities fraud and five counts of securities fraud, all related to tips on Goldman Sachs in 2008.

[Sal Minella]

9. So the blame for all the nefarious carryings-on at Goldman-Sachs

can be laid at the feet of two men with brown skin?

I would really, really like to see some white-skinned people taken to task in this mess.

[xchrom]

11. this has nothing to do w/ the bull shit that the goldman's was involved in that helped

fuck all of us.

this is an independent case of insider trading -- not that there isn't plenty of that going on -- but the crimes the trading houses & banks should be prosecuted for -- they still aren't.

[Bonhomme Richard]

14. Maybe I'm a cynic but all they go after is a non white guy.

I have to wonder who he really pissed off.

[sarcasmo]

16. I noticed the names and thought the same thing.