Hedge fund tycoon’s helper Rajat Gupta was officially busted for insider trading. According to NPR:
Jurors in the insider trading trial of Rajat Gupta did not waste any time coming to the conclusion that he had violated the law. He was found guilty on four of six charges and faces up to 20 years in prison.
Gupta was busted for passing insider information to hedge fund tycoon Raj Rajaratnam. Next to Rajaratnam, Gupta was one of the highest profile business leaders caught up in this insider trading scandal:
In addition to being on the board at Goldman, Gupta is the former head of the consulting firm McKinsey & Company. U.S. officials said he had long-standing personal and business ties with Rajaratnam, head of the Galleon Group hedge fund company.
One of the big questions in my mind is why is insider trading illegal for just about everyone but legal for U.S. Senators?