Arab Today, arab today goldman meetings secret ceo tells insider trial
Last Updated : GMT 02:55:22
Arab Today, arab today
Arab Today, arab today

Goldman meetings secret, CEO tells insider trial

Arab Today, arab today

Arab Today, arab today Goldman meetings secret, CEO tells insider trial

New York - AFP

The CEO of Goldman Sachs, Lloyd Blankfein, told a New York federal court that his former colleague Rajat Gupta regularly attended highly confidential board meetings. The chief executive took the stand for the second time in as many years to testify about Gupta, accused in one of the highest profile insider trading cases for years. Talks at board and committee meetings on which Gupta sat -- before allegedly passing insider tips to hedge fund manager Raj Rajaratnam -- were not for public consumption, Blankfein said. \"You\'re not supposed to discuss,\" he said. Referring to a 2008 strategy meeting held by the powerful US bank in Saint Petersburg, Russia, he said: \"The fact it was in the board meeting meant it was confidential.\" Blankfein is one of the biggest witnesses prosecutors are using against Gupta, an Indian-born immigrant who reached the pinnacle of US business. The former Goldman board member was also on the board of Procter & Gamble and the director of McKinsey & Co. Gupta is accused of feeding non-public information to Galleon Group founder Rajaratnam, who was sentenced last year to 11 years in prison for insider trading. In that trial, Blankfein also testified for the government. Gupta\'s defense lawyers argue that Rajaratnam had many ways to obtain confidential information and that there is no smoking gun to show Gupta was that source -- or even that he profited from any of Rajaratnam\'s trades. Blankfein, one of America\'s most influential bankers, appeared jovial and often made eye contact with the jury, sometimes making a light-hearted comment, then turning to smile both at the jury and judge. A nervous-looking Gupta watched his former associate steadily. Lawyers on both sides sparred continuously during Blankfein\'s testimony. The defense team interrupted prosecutor Reed Brodsky more than a dozen times to object to his line of questioning. During a break, with the jury out of the room, an exasperated Judge Jed Rakoff admonished the squabbling attorneys. \"We have wasted far too much time in this trial arguing every little point to the \'nth degree and I don\'t want to hear anything more from either side,\" he said. In his testimony, Blankfein detailed some of the major news events that were discussed in private at Goldman and which Gupta allegedly passed on to Rajaratnam. This included the surprise $5 billion investment by Warren Buffett\'s Berkshire Hathaway into Goldman right in the midst of the 2008 US financial meltdown. Blankfein explained how such news was handled carefully within Goldman, with the board first meeting to discuss the press release that \"announced to the world.\" The Goldman executive is expected to resume his direct testimony on either Wednesday or Thursday, followed by cross-examination. Although he is a star witness and a pillar of Wall Street, Blankfein saw the limits of his sway tested in court -- over plans to delay his return to the witness stand so that he can celebrate his daughter\'s high school graduation. Asking Rakoff that he be excused on Wednesday because he would not have time to reach the Manhattan courthouse from the graduation party in Yonkers, Rakoff dryly noted that he lived in the area himself and knew exactly how long it took to travel. Blankfein then explained that after the graduation ceremony he had planned to attend a lunch at a restaurant with his daughter. Rakoff showed little sympathy, saying: \"If it\'s the restaurant I\'m thinking of, I can\'t afford it.\" Blankfein later told reporters he\'d rather tussle with the judge than his wife over the issue. That, he said, was \"the path of least resistance.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today goldman meetings secret ceo tells insider trial Arab Today, arab today goldman meetings secret ceo tells insider trial

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday