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| Rajat Gupta: The rise and the fall |
| Rajat Gupta: The rise and the fall
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| UNITED STATES OF AMERICA
, 21-May-2012
5:2:57 AM |
| He joined McKinsey & Company, the elite and secretive management-consulting firm as an earnest, under-stated young man, fresh out of Harvard Business School, and IIT Delhi before that. He rose rapidly through a competitive system, going on to rule boardrooms, chair nonprofit boards, and move with CEOs and heads of state from Bill Gates to Bill Clinton.
Rajat Gupta broke through racial glass ceilings in the corporate world in a way that no other Indian and few people of color had done before.
Upon retiring from McKinsey, in 2007 after none years as its managing editor, Mr Gupta was a sought after figure on corporate and nonprofit boards, and joined those of Goldman Sachs, Procter & Gamble, American Airlines, and Harvard Business School
But Mr Gupta's philanthropic work will not be allowed to sway the jury. He judge overseeing the case has warned that "If Mother Teresa was charged with bank robbery, the jury would still have to determine whether or not she committed a bank robbery."
Mr Gupta's fall from grace began in April 2010, as part of the investigation into Raj Rajaratnam, a Sri Lankan hedge fund manager accused of insider trading. The government accused Mr Gupta of tipping off Mr Rajaratnam of Warren Buffet's decision to invest $5 billion in Goldman Sachs. Mr Gupta allegedly learned this information on September 23 in 2008 at a board meeting. His tip allegedly allowed Mr Rajaratnam to buy the stock before the news was made public the next day. Mr Rajaratnam made a profit of $800,000 in just 24 hours.
Managing Partner of Westwood Capital, LLC Daniel Alpert calls this a "very disappointing episode because Rajat Gupta was an extremely senior guy and clearly was living the life of jealousy of the enormous returns that were being made by the people who did not quite have his CV but nevertheless were making enormous profits"
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