Published on Sat, Oct 27,2012 | 16:02, Updated at Sat, Oct 27 at 16:25Source : PTI | Watch Video :
Judge Rakoff on Rajat Gupta
"The Court can say without exaggeration that it has never encountered a defendant whose prior history suggests such an extraordinary devotion, not only to humanity writ large, but also to individual human beings in their times of need."
But when one looks at the nature and circumstances of the offense, the picture darkens considerably. In the Court's view, the evidence at trial established, to a virtual certainty, that Mr. Gupta, well knowing his fiduciary responsibilities to Goldman Sachs, brazenly disclosed material non-public information to Mr Rajaratnam at the very time, September and October 2008, when our financial institutions were in immense distress and most in need of stability, repose, and trust.
Having finished his spectacular career at McKinsey in 2007, Gupta, for all his charitable endeavours, may have felt frustrated in not finding new business worlds to conquer
After so many years of assuming the role of father to all, Gupta may have longed to escape the straightjacket of overwhelming responsibility, and had begun to loosen his self-restraint in ways that clouded his judgment.
Gupta's criminal acts represented the very antithesis of the values he had previously embodied.
But the history of this country and the history of the world, I'm afraid, is full of examples of good men who do bad things."
That in a nutshell is why Judge Rakoff sentenced Rajat Gupta to 2 years imprisonment and a $5 million fine. The prosecution had asked for an 8-10 year sentence, the defense proposed probation and community service. So did Rajat Gupta get what he deserved or did he get off too lightly? And what precedent does this set for insider trading cases, given that Mr Gupta did not profit from the trades but he did breach his fiduciary duties as a Goldman Sachs Board member? CNBC-TV18's Menaka Doshi spoke to two veterans in securities regulation & the justice system - Harvey Pitt, Former Chairman of the SEC and Judge Richard Holwell, the Judge who sentenced Raj Rajaratnam to 11 years imprisonment.
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