Ex-Goldmanite Rajat Gupta Convicted Of Insider Trading

Tyler Durden's picture

The untouchables are rapidly becoming touchables, as former Goldman director and McKinsey head is found guilty of insider trading.

  • RAJAT GUPTA CONVICTED OF INSIDER TRADING BY U.S. JURY
  • GUPTA FOUND GUILTY OF FOUR COUNTS AND ACQUITTED ON TWO CHARGES
  • RAJAT GUPTA MAY REMAIN FREE ON BAIL UNTIL SENTENCING OCT. 18
  • GUPTA FOUND NOT GUILTY ON ONE COUNT, JURY STILL READING VERDICT

Next up: McKinsey issues a case study on the proper way to leak confidential, material non-public information.

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Cursive's picture

I guess some of the "untouchables" have turned into very effective human shields or sacrificial lambs.

john39's picture

and what a shock... the Indian guy at Goldman gets thrown under the bus...

HelluvaEngineer's picture

More importantly, which time slot did he get on the Club Fed tennis courts?

idea_hamster's picture

They're still "untouchables" but now in the "Hindu caste system" definition, rather than the "Chicago mob definition."

flacon's picture

 

The secret to immunity is being bald:

 

lloyd Blankfein

http://tinyurl.com/cxljwbf


Henry Paulson

http://tinyurl.com/bo6g2qp

 

Ben Bernanke

http://tinyurl.com/cpr9sre

 

Neel "seven-hundred-billion-dollar" Kashkari

http://tinyurl.com/bvet2g7

 

William113's picture

Yup, that must be it. Because their isn't any other common denominator.

slewie the pi-rat's picture

i think he did some dental work for me over @ deltaD while he was out on bail...

Cognitive Dissonance's picture

Damn. Where's my straight razor and shaving cream? I'm going on a thieving spree.

CClarity's picture

Corzine?  Not bald, but not full head of hair.  When do they bring charges on him?

flacon's picture

Damn, I forgot Corzine. He's as good as bald. 

 

Jon Corzine:

http://tinyurl.com/cdn48xz

BlueCollaredOne's picture

You forgot Greenspan and Larry Summers too.  Summers isnt quite bald yet, but hes only 58.  That hair is receding faster than glaciers in the Arctic.  Although, I'd be willing to bet he dies of a heart attack before he lives the bald life. 

tony wilson's picture

REP. WAXMAN: Do you feel that your ideology pushed you to make decisions that you wish you had not made?

MR. GREENSPAN: Well, remember that what an ideology is, is a conceptual framework with the way people deal with reality. Everyone has one. You have to -- to exist, you need an ideology. The question is whether it is accurate or not. And what I'm saying to you is, yes, I've found a flaw. I don't know how significant or permanent it is. But I've been very distressed by that fact. But if I may, may I just answer the question --

REP. WAXMAN: You found a flaw in the reality --

MR. GREENSPAN: Flaw in the model that I perceived as the critical functioning structure that defines how the world works, so to speak.

REP. WAXMAN: In other words, you found that your view of the world, your ideology was not right. It was not working.

MR. GREENSPAN: Precisely. That's precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well.

BlueCollaredOne's picture

So you're defending Greenspan.  What about his role with Charles H Keating in the S&L crisis?

 

As an "independent consultant" he said everything was on the up and up.  Was he mistaken?  Or did he just lie so he would be nominated as chairman of the FED a little after.  Call me cynical, but I thought the fucker lied.

I would have downvoted you but when you start a post in italics you cant downvote.  FML

 

GeezerGeek's picture

Making bald(-faced) lies apparently has an equivalent effect.

smlbizman's picture

it would not surprise me if the next person to go would be martha stew.....oh wait, never mind...

boogerbently's picture

Corzine.

Corzine.

Corzine.

BlueCollaredOne's picture

These bald guys have a clear advantage if they were to actually be jailed, they can just join the jails Aryan nation.  I hear those guys like jews. 

EmileLargo's picture

Gupta's being an Indian had nothing to do with his conviction.

ChickenTikka's picture

Yes, it did.  If he wasn't Indian then he wouldn't have been giving his fellow South Asian insider information. 

EmileLargo's picture

"South Asia" is not a country.

Omen IV's picture

he wasnt white enough!

Cognitive Dissonance's picture

The expendable fool fall guy has been executed.

Let the party continue.

Temporalist's picture

My sentiments exactly (see below).

alien-IQ's picture

that seems to be the consensus take from most if not all ZH readers.

who would have thunk we can all find something to agree on?

MacGruber's picture

When in doubt hang the brown guy. Sad in its predictability.

To quote the movie Syriana, "We're looking for the illusion of due diligence, Mr. Pope"

CaptainObvious's picture

Yup, once again we sentence the schoolyard drug pusher, while the drug kingpins are still flying about in their private jets making deals.

The hell of it is, most people are happy to see the schoolyard drug pusher go to jail.  Makes the streets safer, don't you know.  Until a new pusher arrives to pick up where the old one left off.

People...nothing gets solved until the kingpins are all behind cold steel bars.  Nothing.

battle axe's picture

Good, fuck him. 

Temporalist's picture

Great someone found Squiggy guilty...but Lenny is still on the lam.  Just more nobodies for the media to gawk at when the real criminals are still committing mass fraud.

pods's picture

Gotta toss one overboard now and again to keep the muppets happy.

This guy should have known he was not in the in crowd.

pods

WhyDoesItHurtWhen iPee's picture

you mean he was not a "made" banksta?

alien-IQ's picture

This is just another sacrificial lamb tossed under the bus to provide cover for the ongoing crimes.

junkyardjack's picture

I guess now that they've freed up some time on this case they'll be moving over to Corzine, let me hold my breath....

HelluvaEngineer's picture

You know, their resources are limited.  If their budget was just...

junkyardjack's picture

Well I guess Americans can now feel confident that the system is fair and balanced....

Skateboarder's picture

....like the news. Mmm... fair and balanced news.

Zola's picture

he didn't have a direct phone line to the bernank to buy off the jury. Too bad. He was not big enough to not fail. Should have gone into politics instead.

Mercury's picture

Next up: McKinsey issues a case study on the proper way to leak confidential, material non-public information.

Well if it's leaked by a politician who is working with a consultancy (which then sells the info to hedge funds) it's legal anyway.

CharliePrince's picture

isnt there a law against convicting ex-goldmanites

Mark123's picture

He was too ugly...did not score well on media testing.  So....throw him to the dogs as a sacrificial lamb.

williambanzai7's picture

Another expendible bites the dust.

Insider trading, horse thief scalawag. Meanwhile the robber barons still run the town.

q99x2's picture

A human sacrifice.

Hungry for a Blankfein now please. 

Mark123's picture

Why is this greedy, crooked, vile, blood-sucking piece of excrement even in this country?  Oh, I forgot, in the new world order we bend over backwards and throw out any and all values to open our doors to anyone who has money or will work for slave wages for large corporations.  The 3rd world fits the bill perfectly.

yogibear's picture

A sacrificial lamb for the bigger criminals. The SEC had to save face to they get one of the smaller fish. It's important the SEC isn't viewed by the public as surfing porn sites all day, even though they do.

The Gooch's picture

Gotta be part of "the tribe" to avoid that plank, Raj.

monad's picture

Seems to me that Congress is more expendible than banksta.

fuu's picture

Well it's a good start.

BlueCollaredOne's picture

Sadly, its probably also a finish.  Justice to bankers died after William Black and the S&L crisis.  Bankers said "Lets make sure this never fucking happens again."