This page has been archived and commenting is disabled.

Raj Gupta Gets Two Years

Tyler Durden's picture




 

This will learn him:

  • RAJAT GUPTA GETS 24-MONTH PRISON SENTENCE FOR INSIDER TRADING
  • RAJAT GUPTA FINED $5 MILLION

Moral of the story: steal $100 million (illustratively: nobody knows what the bottom line impact of the criminal activity was: could be more, could be less) -> spend two years in a minimum security country club, electric golf carts included. Look for a surge in insider trading cases with this ruling which makes risks to getting caught trading on inside information not only acceptable, but in fact welcome. The good news, for Jon Corzine at least, is that if the MF Global case ever gets to the sentencing stage (it won't), his sentence would be to fly coach class for 24-48 hours.

Crime and (non) punishment.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 10/24/2012 - 16:21 | 2916653 knukles
knukles's picture

White collar crime Pays Big

 

Cheat, steal and lie.
Only you can catch yourself

 

(wink wink nudge nudge)

 

So much for the Credibility Trap and Equal Application of the Law

 

(what'd you expect Knuklehead?)

Wed, 10/24/2012 - 16:22 | 2916668 SeverinSlade
SeverinSlade's picture

Meanwhile a homeless man steals $100 and gets sentenced for 15 years.

100 million and 2 years
$100 and 15 years

Yep that's fair.

Wed, 10/24/2012 - 16:23 | 2916676 Comay Mierda
Comay Mierda's picture

this idiot should have called Corzine's attorneys

Wed, 10/24/2012 - 16:30 | 2916692 blu
blu's picture

Not even as hard as that.

Gupta could have made a few (no more than 4 or 5) $10k campaign contributions along the way and skipped altogether.

Either he didn't know how it worked, or he really wanted all the money. Greed is good but too much greed just makes you look stupid.

Wed, 10/24/2012 - 17:04 | 2916771 Kitler
Kitler's picture

Gupta was a guppy.

Time to reel in the Great White Sharks.

Wed, 10/24/2012 - 17:17 | 2916840 ParkAveFlasher
ParkAveFlasher's picture

Hey, let's go easy on the guy.  I understand that the brie is never served room temperature for white collar criminals.  Most uncivilized.

Wed, 10/24/2012 - 18:26 | 2917005 saturn
saturn's picture

Nice risk to reward ration for Gupta!

Wed, 10/24/2012 - 19:21 | 2917133 Jay Gould Esq.
Jay Gould Esq.'s picture

Raj, even in Club Fed, there remains the single, inviolable rule of the Incarcerated:

Soap on a rope.

Wed, 10/24/2012 - 16:33 | 2916714 EscapeKey
EscapeKey's picture

corzine doesn't pay attorneys

he pays judges

Wed, 10/24/2012 - 16:59 | 2916800 Daily Bail
Daily Bail's picture

That is a ridculously short sentence.  Gupta's lawyers must have followed the Lanny Breuer DOJ guide to avoid hard time.

Here's the U.S. Attorney from the case bragging to Cramer a few months ago and cracking up the hedge fund audience.  Short but revealing clip.

"I Just Want To Apologize In Advance That I Don't Have Enough Subpoenas For All Of You..." (CNBC)

 

 

Wed, 10/24/2012 - 23:59 | 2917755 giovanni_f
giovanni_f's picture

he employs judges, one might add.

Wed, 10/24/2012 - 16:25 | 2916683 Joe Davola
Joe Davola's picture

15 years with a roof over his head and 3 squares - winning!

Wed, 10/24/2012 - 16:44 | 2916746 DoChenRollingBearing
DoChenRollingBearing's picture

Posted wrong place, sorry

Wed, 10/24/2012 - 16:46 | 2916754 centerline
centerline's picture

Based on that math, and assuming a linear relationship, if he stole $116 million he would serve less than a day in jail.  That sounds about right.   He just missed it.  I thought these guys were good at math.

Wed, 10/24/2012 - 16:48 | 2916761 Vincent Vega
Vincent Vega's picture

Don't forget Martha Stewart= 6 mos. and Michael Miliken=22 mos.

Wed, 10/24/2012 - 17:55 | 2916917 Arisu
Arisu's picture

> Meanwhile a homeless man steals $100 and gets sentenced for 15 years.
> 100 million and 2 years
> $100 and 15 years

It was 500 million and 4 years back then: http://i.imgur.com/GCNy7.jpg
Makes for an even worse years-imprisoned-per-millions-stolen ratio.

Wed, 10/24/2012 - 16:35 | 2916719 Chuck Walla
Chuck Walla's picture

How much time for Corzine?  What? Friend, bag man for Obama?

 Never mind....

 

FORWARD SOVIET!

Wed, 10/24/2012 - 16:45 | 2916753 DoChenRollingBearing
DoChenRollingBearing's picture

Corzine: Biggest P.O.S. on Planet Earth

Obama: Four died, and he lied.

Wed, 10/24/2012 - 17:42 | 2916907 DoChenRollingBearing
DoChenRollingBearing's picture

And speaking of Cover-Up, enough news has just come out to show that THEY KNEW it was terrorism.  CBS, Reuters, CNN and FoxNews all chiming in...

"Four Died, and Obama Lied"

http://tinyurl.com/8bp9bot

Wed, 10/24/2012 - 16:54 | 2916781 Silver Bug
Silver Bug's picture

Wow doesn't sound like a bad trade at all.

 

http://schiffblog.blogspot.ca/

Wed, 10/24/2012 - 17:02 | 2916809 FL_Conservative
FL_Conservative's picture

I guess fair is fair with all the other manipulation in the market.  Guess I might as well get busy.

Wed, 10/24/2012 - 16:22 | 2916664 HANKREARDON
HANKREARDON's picture

In CA you get 24 months for using a non CARB lawn mower. 

Wed, 10/24/2012 - 16:22 | 2916665 Darkness
Darkness's picture

Thats "fair" right??

 

I mean what's your "fair" share of someone else's wealth?

Wed, 10/24/2012 - 16:22 | 2916667 Antifaschistische
Antifaschistische's picture

Are those Country Club Prisons really designed to keep people OUT who make seek true justice?

Wed, 10/24/2012 - 17:20 | 2916849 ParkAveFlasher
ParkAveFlasher's picture

Excellent point.  +1

Wed, 10/24/2012 - 16:23 | 2916670 cowdiddly
cowdiddly's picture

Shows just how Just the Justice system really is. My brother spent 5 years hard time for robbing $25 out of a coke machine with a crowbar.

Steal 100 million and let it draw interest for 2 years and retire.

disgusting sad state of affairs

Wed, 10/24/2012 - 16:46 | 2916755 SeverinSlade
SeverinSlade's picture

My buddy got 5 years for buying a stolen computer.  DA couldn't prove that he purchased it knowing it was stolen.  Didn't matter.  It was an election year and the DA was running for major.  Backroom deal and the judge threw the book.

Wed, 10/24/2012 - 17:27 | 2916861 Ratscam
Ratscam's picture

Justice is spelt wrong according to Gerald Celente.
It should spell Just-us! meaning them.

Wed, 10/24/2012 - 17:26 | 2916862 Ratscam
Ratscam's picture

Justice is spelt wrong according to Gerald Celente.
It should spell Just-us! meaning them.

Wed, 10/24/2012 - 22:05 | 2917512 Jugdish
Jugdish's picture

Celente, Bondavi, La russo, Manchini

Wed, 10/24/2012 - 16:22 | 2916671 Joebloinvestor
Joebloinvestor's picture

THAT WILL SET AN EXAMPLE!

Now the crooks have to decide if it is worth it.

I like the way China deals with these assholes, and in a public setting.

Look for this sentence to be appealed.

Wed, 10/24/2012 - 16:24 | 2916674 RacerX
RacerX's picture

His check to the "Re-elect Obama" campaign must have cleared.

Wed, 10/24/2012 - 16:31 | 2916711 EscapeKey
EscapeKey's picture

i completely agree with you, but if we create a templated post;

His check to the "Re-elect %POTUS%" campaign must have cleared.

we're good to go, whoever is the president next time around

Wed, 10/24/2012 - 16:25 | 2916680 fonzannoon
fonzannoon's picture

how much time did pelosi get? twat.

Wed, 10/24/2012 - 16:44 | 2916747 markettime
markettime's picture

And congress sits back and laughs as they continue to profit big from thier own insider trading. 

Wed, 10/24/2012 - 16:26 | 2916682 blu
blu's picture

Where do I sign up for this gig?

Wed, 10/24/2012 - 16:26 | 2916685 centerline
centerline's picture

Goes to show that if you are going to steal, make it big!  Really big.  Bigger the better.  Fuck yeah.  It's what America is all about these days.  Right?  Land of opportunity.

Wed, 10/24/2012 - 16:28 | 2916694 lemonobrien
lemonobrien's picture

Shit on my dick or blood on my blade.

Wed, 10/24/2012 - 22:03 | 2917508 Jugdish
Jugdish's picture

If they stick him in my cell I'm either gonna put a knife in him or a dick in him.

Wed, 10/24/2012 - 16:29 | 2916697 EscapeKey
EscapeKey's picture

fucking hell that's disgusting

that man should rot up in a tiny bang-me-in-the-ass prison cell

Wed, 10/24/2012 - 16:30 | 2916698 BeetleBailey
BeetleBailey's picture

DISGUSTING!

 

The US "Justice" System is one broken motherfucker.

Wed, 10/24/2012 - 16:29 | 2916699 helping_friendl...
helping_friendly_book's picture

Only darkies go to prison.

Those of the Temple don't even get charged lest they confess.

 

Wed, 10/24/2012 - 17:13 | 2916833 knukles
knukles's picture

So that expalins the two yaers... kinda darkie, ex-temple
Gotcha

Wed, 10/24/2012 - 20:31 | 2917253 helping_friendl...
helping_friendly_book's picture

douche bag says what?

Wed, 10/24/2012 - 16:30 | 2916704 NotApplicable
NotApplicable's picture

That'll learn him!

Wed, 10/24/2012 - 16:51 | 2916772 Schmuck Raker
Schmuck Raker's picture

$5 million.... there goes the beach house.

Wed, 10/24/2012 - 17:22 | 2916854 ParkAveFlasher
ParkAveFlasher's picture

You mean, beach house addition.

Wed, 10/24/2012 - 16:32 | 2916712 Frozen IcQb
Frozen IcQb's picture

Isn’t that as much as the HILDEBRAND’s got in their mountainside penal villa in Davos?

 

Wed, 10/24/2012 - 16:34 | 2916717 toomanyfakecons...
toomanyfakeconservatives's picture

This is bullshit. Watch the ending scene of "Boiler Room" when the paddy wagons and prison buses pull up to the fictional "JT Marlin" headquarters to arrest all the financial criminals. That's what we need, Federal Marshalls, prison buses working overtime, and tent cities for all these clowns.

Wed, 10/24/2012 - 16:57 | 2916791 centerline
centerline's picture

Mutually assured financial destruction.  At this point, the banks have the world by the balls.  This had to be an election year gimmick (ohh, look, we are cracking down on Wall Street... lol).  This guy will walk in a matter of months.  Else, he could probably do some real damage - or have some real damage done to him... works both ways I suppose.  Point is, the banks have a license to kill and are using it.  On this course it is going to be serious escalating damage control until someday we wake up and find ourselves living in a real life version of the Hunger Games.

Wed, 10/24/2012 - 16:37 | 2916722 debtor of last ...
debtor of last resort's picture

Corzine will get Robespierred. The scandals come up faster than hf trading.

Wed, 10/24/2012 - 16:58 | 2916787 falak pema
falak pema's picture

Before Corzine gets RObespierred you first have to behead the king and his minions; you're TWO steps behind the french revolution in your plot. 

Wed, 10/24/2012 - 16:38 | 2916734 Chuck Walla
Chuck Walla's picture

 

 When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods, but in favors; when you see that men get rich more easily by graft than by work, and your laws no longer protect you against them, but protect them against you … you may know that your society is doomed. 

~ Ayn Rand

 

Wed, 10/24/2012 - 16:38 | 2916737 j-dub
j-dub's picture

Tyler-have you flown coach in the past 5 years?
TSA gonad gripping and fanny fondling rule the day. And the seats? Don't get me started with those!!
No, I do not envy Jon one bit!

Wed, 10/24/2012 - 16:39 | 2916739 ziggy59
ziggy59's picture

Wait a minute..doesnt the house of con. I mean Congress still inside trade?

Wed, 10/24/2012 - 17:50 | 2916925 bunnyswanson
bunnyswanson's picture

http://www.huffingtonpost.com/2012/09/13/stock-act-injunction_n_1882143.html

 

McLEAN, Va. -- A federal judge on Thursday temporarily blocked enforcement of a new insider trading law that would require nearly 30,000 federal workers to disclose details about their financial transactions on the Internet.

U.S. District Judge Alexander Williams Jr. in Greenbelt, Md., issued a temporary preliminary injunction that bars the law, called the STOCK Act, from being enforced on executive-branch employees until at least November. President Barack Obama signed the bill into law in April.

Williams wrote that the law appears to illegally infringe on federal workers' right to privacy.

The injunction does not affect enforcement of the law against members of Congress and their staffs. The law was originally written to apply only to Congress but was amended to extend to senior members of the executive branch, including the military.

Without the injunction, the law would have taken effect at the end of the month. The injunction gives Congress time to possibly change the law. Discussions are under way to exempt the executive branch, said Bill Bransford, general counsel for the Senior Executives Association, one of the organizations that sued to block the law.

Arthur Spitzer, legal director for the ACLU's Washington, D.C., chapter, which helped file the lawsuit, said the ruling is encouraging because the judge indicates that he granted the injunction in part because he believes the plaintiffs are ultimately likely to prevail.

Government lawyers had argued against issuing the injunction.

The executive branch employees who would be covered under the law already have to file financial disclosures with the Office of Government Ethics. As a practical matter, though, those forms are rarely inspected by the public. Under the new law, though, the information would be easily available to anyone on the Internet. The idea is that disclosing such information would expose any transactions in which an individual benefits from inside knowledge on congressional actions that affect the marketplace.

 

http://insidertrading.procon.org/view.resource.php?resourceID=004520

Wed, 10/24/2012 - 20:25 | 2917242 helping_friendl...
helping_friendly_book's picture

Gee Bunny. I'm very shocked at that one. The judge protecting the insiders? Shocking!

Wed, 10/24/2012 - 16:53 | 2916778 ReeferMac
ReeferMac's picture

" his sentence would be to fly coach class for 24-48 hours."

 

ROFLTMAO!!!!

Best line you're written in a long time Tyler (and granted, there are usualy several good ones to pick from).

Great article.

Wed, 10/24/2012 - 16:58 | 2916782 falak pema
falak pema's picture

Jerome Kerviel gets sentenced today to  4.9 BILLION damages against Soc Gen and 3 years in jail in appeals court. He is going to Supreme court after this decision that shows that the Inquisition has not left the french legal system; the smaller you are the bigger the blame while the big guys who told you to go for it go scot free! 

Its a legal scam beyond a scam...

Wed, 10/24/2012 - 16:57 | 2916788 zebra
zebra's picture

Mind you that America is the land of freedom. Free to break law, too.

Wed, 10/24/2012 - 17:15 | 2916836 hustler etiquette
hustler etiquette's picture

money talks and bullshit walks.

Wed, 10/24/2012 - 17:19 | 2916846 Frank N. Beans
Frank N. Beans's picture

shirley he has to give back the $100 million, right?  RIGHT??!

Wed, 10/24/2012 - 17:34 | 2916879 Shhh dont wake ...
Shhh dont wake the VIX's picture

Well... the public outcry is to throw the crooks in jail and well... so compared to the usual no jail time... the Feds can say they are showing they are tough...

So the remedy is: 

The public outcry needs to be to for these fuckers to be tied next to Giant Ant hills ... the ones that give the painful stings.

And put a Google Earth camera on them... and people can pay extra for the footage where the head becomes detached from the rest of the body.

Wed, 10/24/2012 - 17:51 | 2916931 dadichris
dadichris's picture

sounds like a viable career plan to me >_<

Wed, 10/24/2012 - 18:44 | 2917047 Heyoka Bianco
Heyoka Bianco's picture

"That's the difference between crime and business. For business you gotta have capital. Sometimes I think it's the only difference."

"A properly cynical remark," I said, "but big time crime takes capital too."

"And where does it come from, chum? Not from guys that hold up liquor stores. So long. See you soon."

Raymond Chandler, The Long Goodbye

Yeah, I've used it before. So what? Still true, ain't it?

Wed, 10/24/2012 - 18:49 | 2917064 patb
patb's picture

The DoJ can now file a civil case against Gupta, and given the Criminal conviction, this is now a slam dunk.

I would be surprised if the DoJ doesn't have some junior attorney file for this.

 

 

Wed, 10/24/2012 - 19:29 | 2917144 Oldrepublic
Wed, 10/24/2012 - 20:37 | 2917258 haskelslocal
haskelslocal's picture

For the balancing act, the next 100,000 people who steal a collective $100 Million will be sentenced to a collective 1 Million years in prision at a cost of $10 Billion. All to be housed in privately run prisions for profit, of course.

Wed, 10/24/2012 - 21:04 | 2917325 adr
adr's picture

Hopefully he'll get shanked in prison. 

That would be getting killed by wickedly sliced golf ball.

Wed, 10/24/2012 - 22:07 | 2917520 nathan1234
nathan1234's picture

This Charlie has got off very cheap because of his Wall Street connection with Goldman who control the judges,

And he didnt spill the beans on others.

 

 

Thu, 10/25/2012 - 03:29 | 2917901 ZFiNX
ZFiNX's picture

What a f***in tragedy. Take his left hand.

Do NOT follow this link or you will be banned from the site!