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| Insider trading trial pitted one |
| Insider trading trial pitted one Indian bigwig against other
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| UNITED STATES OF AMERICA
, 16-June-2012
9:59:4 AM |
| The high-profile insider trading trial of former McKinsey head Rajat Gupta pitted him against another Indian-American New York's top federal prosecutor Preet Bharara, who in the end walked away winning his battle against corporate America's poster boy.
Gupta, 63, is one of most prominent Wall Street executives in a list of 66 traders against whom Mr Bharara has led a legal battle.
Of these 66 people who were charged with insider trading crimes by Mr Bharara since 2009, 60 have either pleaded guilty or have been found guilty.
The insider trading trial, which began on May 21, had set the stage for a courtroom showdown between the two India-born and Harvard educated US citizens who are prominent figures in the South Asian community in New York.
Ferozpur-born Mr Bharara was named by TIME magazine earlier this year as one of the 100 most influential people in the world.
Kolkata-born Gupta's rise in corporate America had been stellar and enviable.
Orphaned at 18, Gupta received an engineering degree from the elite Indian Institute of Technology. He earned a scholarship to Harvard Business School, graduating top of his class and securing a coveted posting at McKinsey.
He went on to being elected at age 45 to run McKinsey, becoming the first non-American-born executive to head the consulting giant.
"I know consensus says McKinsey is white and traditional, but I am testimony to the fact that image isn't true," Gupta had said in a 1994 profile in The Chicago Tribune.
"If anything, it's a meritocracy."
Gupta also sat on the boards of some of the most prestigious Wall Street firms including Goldman Sachs, consumer giant Proctor and Gamble and AMR, the parent of American Airlines.
Former secretary general of the United Nations Kofi Annan had appointed Gupta as an advisor to the international organization on management reform and the Rockefeller Foundation named him a trustee.
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