This sounds like a big fish.
Former Director of the top financial instituion Goldman Sachs, industrial giant Procter & Gamble, as well as a longtime head of the world’s leading management consulting firm McKinsey & Co., is now in trouble for alleged insider trading and crimes in the 00s. This guy probably knows everybody.
And he’s pleaded not guilty so far – but ties to the sentenced Hedge Fund Manager Rajaratnam could prove problematic. We’ll see what comes of this trial.
From the NY Times:
Rajat K. Gupta, a former director at Goldman Sachs and Procter & Gamble, pleaded not guilty Wednesday to insider trading charges, setting the stage for a courtroom battle that will extend the government’s broad crackdown on Wall Street to the corporate boardroom.
On Wednesday, a federal grand jury in Manhattan charged Mr. Gupta, 62, with one count of conspiracy to commit securities fraud and five counts of securities fraud. He is accused of sharing corporate secrets about Goldman and Procter & Gamble with Raj Rajaratnam, the co-founder of the Galleon Group who was sentenced to 11 years in prison earlier this month for insider trading.