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10 Most Discussed Indian American Stories of 2012
By siliconindia
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Wednesday, 26 December 2012, 23:54 IST |
2 Comments
1. Insider Trading at Goldman Sachs
The sentencing of Rajat Gupta, the former Indian-American director of Goldman Sachs Group, on charges of insider trading was one of the most discussed incidents.
Rajat, the ex director of management consultancy McKinsey & Company, was recognized as the first Indian born CEO of a global corporation. He served the firm with full determination and sincerity for nine long years and during his tenure the company was successful in starting its branches in 23 new countries and has also doubled its consultant base.
His life experienced a twist in the year 2010, when Raj Rajaratnam, a hedge fund manager and founder of Galleon Group from Sri Lanka was accused of insider trading. Gupta was arrested by FBI towards the end of 2011 for disclosing the earnings of his company (Goldman Sachs) to Rajaratnam, and Galleon Group is said to have benefited a lot from the information provided. Gupta is said to have passed information about Warren Buffet's decision to invest $5 billion in Goldman Sachs to Rajaratnam. As a result, Rajaratnam was able to buy the stock and make a profit of $800,000, before the news was made public.
The sentencing of Rajat Gupta, the former Indian-American director of Goldman Sachs Group, on charges of insider trading was one of the most discussed incidents.Rajat, the ex director of management consultancy McKinsey & Company, was recognized as the first Indian born CEO of a global corporation. He served the firm with full determination and sincerity for nine long years and during his tenure the company was successful in starting its branches in 23 new countries and has also doubled its consultant base.
His life experienced a twist in the year 2010, when Raj Rajaratnam, a hedge fund manager and founder of Galleon Group from Sri Lanka was accused of insider trading. Gupta was arrested by FBI towards the end of 2011 for disclosing the earnings of his company (Goldman Sachs) to Rajaratnam, and Galleon Group is said to have benefited a lot from the information provided. Gupta is said to have passed information about Warren Buffet's decision to invest $5 billion in Goldman Sachs to Rajaratnam. As a result, Rajaratnam was able to buy the stock and make a profit of $800,000, before the news was made public.
