Arab Today, arab today insider trading trial starts for exgoldman director
Last Updated : GMT 10:47:06
Arab Today, arab today
Arab Today, arab today

Insider trading trial starts for ex-Goldman director

Arab Today, arab today

Arab Today, arab today Insider trading trial starts for ex-Goldman director

New York - AFP

The trial of the biggest suspect in a US crackdown on Wall Street insider trading, former Goldman Sachs director Rajat Gupta, started with a prosecutor saying the brilliant Indian-born immigrant "threw away his duties." "Gupta threw away his duties, threw away his responsibilities and broke the law," Assistant US Attorney Reed Brodsky told a jury in New York federal court in his opening statement. Brodsky said Gupta, 63, was "highly accomplished," but had a dark side, "hidden from public view" in which he fed confidential information to his friend and billionaire hedge fund investor Raj Rajaratnam. Rajaratnam, founder of the Galleon Group, was convicted last year of insider trading and sentenced to 11 years in prison. According to prosecutors, Gupta was a key cog in Rajaratnam's scheme. With a CV that included membership of the boards of Goldman Sachs and Procter & Gamble, and the top job at McKinsey & Co, Gupta was "the ultimate insider," Brodksy said. Gupta is accused of tipping off Rajaratnam on bombshell market news such as Goldman's fourth quarter loss during the 2008 financial crisis -- early information that allegedly let Sri Lankan-born Rajaratnam make money when the news became public. Another alleged tip was that legendary investor Warren Buffett was about to pour $5 billion into Goldman Sachs, a vote of confidence that raised the bank's share price the next day, earning Rajaratnam about $1 million. "He used those secrets to help his friend and business partner Raj Rajaratnam," Brodksy said. It "was like knowing about the outcome of a game before it ends." Gupta, who could face a double-digit prison sentence if convicted, wore a dark suit and tie. He watched and listened intently as the three- to four-week trial got under way. His lawyer, Gary Naftalis, said the prosecution was "cherry picking" evidence to cover up the lack of a solid case against a highly principled man. "They're presenting a case that is based on speculation, that is guesswork," Naftalis said. "We don't convict people based on rumors, based on hearsay." He described his client as a self-made success who worked his way from India through to the US economic elite, a man with a previously unblemished reputation who spends half of his time on charity duties, not business. Crucially, Naftalis argues that the government has no smoking gun in the form of the kind of wire tapped telephone conversations that doomed Rajaratnam during his trial. "There is not a single wire tap conversation where Rajat Gupta gives a single inside information," he said. Earlier, the jury was picked from a pool of about 100. Jury composition could be important in a city where the financial sector has huge weight, but where the reputation of Wall Street has been severely tarnished since the market crash of 2008 and national recession. The defense team revealed just before the trial started that it had retained an expert advisor on the jury selection process and that it also wanted a high speed Internet connection in the courtroom so as to be able to communicate with its office co-workers on researching potential jurors. Prosecutors objected to this, but the judge, Jed Rakoff, said he was not against instant research into jurors through Google and other search engines. Often, "conflicts involving certain jurors so to speak have been discovered too late and I think it's better to find that out sooner than later," he said. Among the first prosecution witnesses to then take the stand will be Goldman director William George and another Goldman high-ranking figure, Byron Trott. The bank's CEO, Lloyd Blankfein, could also take the stand later.

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 insider trading trial starts for exgoldman director Arab Today, arab today insider trading trial starts for exgoldman director

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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