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Politics : American Presidential Politics and foreign affairs

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From: Peter Dierks	10/25/2012 9:55:09 AM
	1 Recommendation of 71588

Obama Cronie Gupta Gets Two Years for Leaking Inside Tips By MICHAEL ROTHFELD And DAN STRUMPF Updated October 25, 2012, 7:05 a.m. ET Former Goldman Sachs Group Inc. GS +1.80%director Rajat Gupta was sentenced to two years in federal prison for leaking corporate secrets about the bank to a hedge fund at the height of the financial crisis. The prison term imposed by U.S. District Judge Jed Rakoff in Manhattan marks a nadir for Mr. Gupta, who became the most prominent figure caught in the push against insider trading by criminal authorities. He was implicated in 2010 in the investigation of former Galleon Group chief Raj Rajaratnam, his friend and business associate. His tip about Berkshire Hathaway Inc.'s BRKB +0.43%impending investment to shore up Goldman during the crisis was "disgusting in its implications" and "a terrible breach of trust," said Judge Rakoff before he handed down the sentence. He added: "Others similarly situated to the defendant must…be made to understand that when you get caught, you will go to jail." The judge also ordered Mr. Gupta, the former head of McKinsey & Co., the global consulting firm, to pay a $5 million fine and said he would face one year of supervised release after finishing his prison term. Prosecutors had asked for a term of up to 10 years. He is appealing his conviction. There is no parole, but defendants usually serve only 85% of their sentences, so Mr. Gupta could be out in ... online.wsj.com ...Mr. Gupta and his wife were among the list of invited attendees to President Barack Obama's first state dinner, according to a list released by the White House.... online.wsj.com

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