Lately there's MORE interesting stuff going on in the banking industry. Former Goldman Sachs director R Gupta (a Wall Street super star) was sentenced to 2 years in prison & fined US$5 million, for insider trading in the states.
He was found guilty for leaking information about a 5 billion dollar investment in Goldman by Warren Buffet's Bershire Hathaway during 2008. And if you remember, this is the period where there's a global crisis- Goldman Sachs was in trouble but was on the verge of being rescue by an infusion of 5 billion dollars. This Gupta guy upon hearing this, immediately tipped his friend Rajaratnam, so that he can trade on this information just minutes before the market closes! I dont know, but this really sounded like something from a movie, but guess what .... it happens in real life!
Apparently the judge was pissed & equate this action to stabbing Goldman in the back!!! Truth is insider trading is a very easy crime to commit but very hard to catch, so that's why judge is sending a message to others by sentencing Gupta to jail. By the way the Raja guy , his friend gets 11 yrs. And Gupta maintain that he did not profit from his action.... now do you believe that?...lol....
We were all kinda making a list of how these people can hide these money, & after the jail, they come out & enjoy life as millonaires AGAIN!!!! As for the jail sentence, after deduction of hoildays etc... they are probably out sooner than later. Meanwhile it's the little people who suffers!!!
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