Dear Netters:
I am not middle class, yet when I hear about Indian people (to be
precise, persons of Indian origin) in high positions come to limelight
because of scandals, I feel very very bad. Here I reproduce the article
above [subject] by Heather Timmons.
-bhuban
.October 26, 2011, 2:17 AM
Criminal Charges for Gupta, Ex McKinsey Head
By HEATHER TIMMONS
United States prosecutors are expected to file criminal charges
Wednesday against former McKinsey head Rajat K. Gupta, in connection
with the Galleon Group insider trading case, The New York Times’
DealBook reports.
Mr. Gupta, 62, “has been under investigation over whether he leaked
corporate secrets to Raj Rajaratnam, the hedge fund manager who was
sentenced this month to 11 years in prison for trading on illegal stock
tips,” DealBook said.
The charges would mean “a stunning fall from grace of a trusted adviser
to political leaders and chief executives of the world’s most
celebrated companies.”
Mr. Gupta’s background and career success made him a hero to many
businessmen in India, and he was widely respected in boardrooms around
the world. He does not appear to have profited from any tips he may
have passed along to Mr. Rajaratnam, DealBook says. Corporate
executives and journalists alike have puzzled over his involvement with
Galleon Group.
Bloomberg News summed his background in this April story about the
“mystery” surrounding Mr. Gupta:
“The son of a man who fought for India’s independence, Gupta was
orphaned as a teenager. He worked his way from lower middle class roots
in Kolkata to Harvard Business School and joined McKinsey in 1973. His
big leap came in 1994 when McKinsey held elections for a new leader.
Gupta won over two other candidates, becoming the first non-U.S-born
managing director of the firm.”
The Galleon Group insider trading case has focused on a web of
businessmen from South Asia including McKinsey executive Anil Kumar,
who hails from Chennai, and Sri Lanka’s Mr. Rajaratna
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