• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

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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Fri, 06/15/2012 - 11:49 | 2529504 Cursive
Cursive's picture

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

Fri, 06/15/2012 - 12:02 | 2529563 john39
john39's picture

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

Fri, 06/15/2012 - 12:07 | 2529582 HelluvaEngineer
HelluvaEngineer's picture

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

Fri, 06/15/2012 - 12:10 | 2529600 idea_hamster
idea_hamster's picture

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

Fri, 06/15/2012 - 12:11 | 2529603 flacon
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

 

Fri, 06/15/2012 - 12:17 | 2529618 William113
William113's picture

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

Fri, 06/15/2012 - 12:56 | 2529740 slewie the pi-rat
slewie the pi-rat's picture

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

Fri, 06/15/2012 - 12:21 | 2529626 Cognitive Dissonance
Cognitive Dissonance's picture

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

Fri, 06/15/2012 - 12:28 | 2529647 CClarity
CClarity's picture

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

Fri, 06/15/2012 - 12:45 | 2529696 flacon
flacon's picture

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

 

Jon Corzine:

http://tinyurl.com/cdn48xz

Fri, 06/15/2012 - 13:08 | 2529765 BlueCollaredOne
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. 

Fri, 06/15/2012 - 13:47 | 2529962 tony wilson
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.

Fri, 06/15/2012 - 14:24 | 2530035 BlueCollaredOne
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

 

Fri, 06/15/2012 - 13:58 | 2529999 GeezerGeek
GeezerGeek's picture

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

Fri, 06/15/2012 - 12:29 | 2529650 smlbizman
smlbizman's picture

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

Fri, 06/15/2012 - 13:25 | 2529854 boogerbently
boogerbently's picture

Corzine.

Corzine.

Corzine.

Fri, 06/15/2012 - 12:36 | 2529674 BlueCollaredOne
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. 

Fri, 06/15/2012 - 14:14 | 2530072 Blankenstein
Blankenstein's picture

or ugly 

Sat, 06/16/2012 - 05:48 | 2531636 EmileLargo
EmileLargo's picture

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

Sat, 06/16/2012 - 07:39 | 2531703 ChickenTikka
ChickenTikka's picture

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

Sat, 06/16/2012 - 10:38 | 2531983 EmileLargo
EmileLargo's picture

"South Asia" is not a country.

Fri, 06/15/2012 - 12:53 | 2529718 Omen IV
Omen IV's picture

he wasnt white enough!

Fri, 06/15/2012 - 11:49 | 2529507 Cognitive Dissonance
Cognitive Dissonance's picture

The expendable fool fall guy has been executed.

Let the party continue.

Fri, 06/15/2012 - 11:52 | 2529521 Temporalist
Temporalist's picture

My sentiments exactly (see below).

Fri, 06/15/2012 - 11:56 | 2529541 alien-IQ
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?

Fri, 06/15/2012 - 11:57 | 2529547 Divided States ...
Divided States of America's picture

Blame it on the curry.

Fri, 06/15/2012 - 12:04 | 2529555 MacGruber
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"

Fri, 06/15/2012 - 12:16 | 2529612 CaptainObvious
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.

Fri, 06/15/2012 - 11:50 | 2529513 battle axe
battle axe's picture

Good, fuck him. 

Fri, 06/15/2012 - 11:51 | 2529517 Temporalist
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.

Fri, 06/15/2012 - 11:52 | 2529522 pods
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

Fri, 06/15/2012 - 11:53 | 2529530 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

you mean he was not a "made" banksta?

Fri, 06/15/2012 - 11:53 | 2529524 alien-IQ
alien-IQ's picture

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

Fri, 06/15/2012 - 11:54 | 2529534 junkyardjack
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....

Fri, 06/15/2012 - 12:09 | 2529589 HelluvaEngineer
HelluvaEngineer's picture

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

Fri, 06/15/2012 - 11:52 | 2529525 junkyardjack
junkyardjack's picture

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

Fri, 06/15/2012 - 17:54 | 2530858 Skateboarder
Skateboarder's picture

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

Fri, 06/15/2012 - 11:52 | 2529527 Zola
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.

Fri, 06/15/2012 - 12:00 | 2529540 Mercury
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.

Fri, 06/15/2012 - 11:56 | 2529542 CharliePrince
CharliePrince's picture

isnt there a law against convicting ex-goldmanites

Fri, 06/15/2012 - 11:58 | 2529548 CommunityStandard
CommunityStandard's picture

Only the white ones.

Fri, 06/15/2012 - 12:03 | 2529568 Mark123
Mark123's picture

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

Fri, 06/15/2012 - 12:02 | 2529549 williambanzai7
williambanzai7's picture

Another expendible bites the dust.

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

Fri, 06/15/2012 - 11:59 | 2529550 q99x2
q99x2's picture

A human sacrifice.

Hungry for a Blankfein now please. 

Fri, 06/15/2012 - 12:01 | 2529557 Mark123
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.

Fri, 06/15/2012 - 12:01 | 2529559 yogibear
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.

Fri, 06/15/2012 - 12:02 | 2529564 The Gooch
The Gooch's picture

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

Fri, 06/15/2012 - 12:03 | 2529565 monad
monad's picture

Seems to me that Congress is more expendible than banksta.

Fri, 06/15/2012 - 12:05 | 2529574 fuu
fuu's picture

Well it's a good start.

Fri, 06/15/2012 - 13:19 | 2529812 BlueCollaredOne
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." 

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