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Thread: Bail set at $10M for ex-Goldman director in securities fraud

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    Bail set at $10M for ex-Goldman director in securities fraud

    NEW YORK - Washington's broadest-ever fight against insider trading Wednesday snared its most prominent business executive: Rajat Gupta, a former Goldman Sachs director and former head of consulting giant McKinsey & Co.
    Gupta pleaded not guilty during a Manhattan arraignment before U.S. District Court Judge Jed Rakoff on one count of conspiracy and five counts of security fraud.
    The 62-year-old Westport, Conn., resident, who had surrendered earlier to FBI agents, was released on a $10 million personal recognizance bond secured by the equity in his home. He was required to surrender his passport and limit any travel to the U.S. pending a trial tentatively set for April 9.
    The charges are the latest from prosecutors' unprecedented use of secret wiretaps to combat insider trading. The case stems from Gupta's long personal and business relationship with Raj Rajaratnam, the former Galleon Management hedge fund founder who was sentenced to 11 years in prison Oct. 13 after conviction as the central figure in a sprawling, multi-million dollar insider trading scheme.

    How can you fault the Obama admin and his DOJ for FINALLY someone going after these pigs at the trough...who make hundreds of millions and its still not enough for them...they have to rob and steal and cheat....throw the key away


    Bail set at $10M for ex-Goldman director in securities fraud

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    They'll get 20 years, tops. And it'll take about 10 years to sentence them, and if they get a good lawyer, they might be able to have those 10 years come out of their total as "time served".
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    They need to lockup the guys that created the worthless derivatives that brought the economy to it's knees.


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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    Quote Originally Posted by KevinKohler View Post
    They'll get 20 years, tops. And it'll take about 10 years to sentence them, and if they get a good lawyer, they might be able to have those 10 years come out of their total as "time served".

    1 yr in prison to these privledged rich theives that never had a bad day in their lives or cut their own lawn...is a nightmare...they would give everydime they have stolen to stay out of prison...screw them

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    Good! Lock them up!
    "The measure off intelligence is the ability to change." Albert Einstein

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    Hundreds, perhaps thousands, of people complicit at some level or another in the worst economic crisis in world history and they prosecute two people. And do nearly nothing to close the legal/regulatory gaps which fostered such an atmosphere. This is a disgrace, not something to cheer about.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    We can freeze all assets of Wikileaks, preventing them from so much as taking a check for 50 bucks to keep on keeping on, but we can't seem to do anything about THESE guys?
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    Quote Originally Posted by Khayembii Communique View Post
    Hundreds, perhaps thousands, of people complicit at some level or another in the worst economic crisis in world history and they prosecute two people. And do nearly nothing to close the legal/regulatory gaps which fostered such an atmosphere. This is a disgrace, not something to cheer about.
    Its not utopia for sure Khayembii but its better than nothing...I fully understand where your coming from and I agree with you....but these mega rich players on wall street are the most difficult criminals in the world to gather enough evidence on....its not an easy endeavor.

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    We can freeze all assets of Wikileaks, preventing them from so much as taking a check for 50 bucks to keep on keeping on, but we can't seem to do anything about THESE guys?
    We can. They won't.

    but these mega rich players on wall street are the most difficult criminals in the world to gather enough evidence on....its not an easy endeavor.
    Well sure, it's very tough to gather evidence when you're not even trying.
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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    Re: Bail set at $10M for ex-Goldman director in securities fraud

    Quote Originally Posted by lpast View Post
    NEW YORK - Washington's broadest-ever fight against insider trading Wednesday snared its most prominent business executive: Rajat Gupta, a former Goldman Sachs director and former head of consulting giant McKinsey & Co.
    Gupta pleaded not guilty during a Manhattan arraignment before U.S. District Court Judge Jed Rakoff on one count of conspiracy and five counts of security fraud.
    The 62-year-old Westport, Conn., resident, who had surrendered earlier to FBI agents, was released on a $10 million personal recognizance bond secured by the equity in his home. He was required to surrender his passport and limit any travel to the U.S. pending a trial tentatively set for April 9.
    The charges are the latest from prosecutors' unprecedented use of secret wiretaps to combat insider trading. The case stems from Gupta's long personal and business relationship with Raj Rajaratnam, the former Galleon Management hedge fund founder who was sentenced to 11 years in prison Oct. 13 after conviction as the central figure in a sprawling, multi-million dollar insider trading scheme.

    How can you fault the Obama admin and his DOJ for FINALLY someone going after these pigs at the trough...who make hundreds of millions and its still not enough for them...they have to rob and steal and cheat....throw the key away


    Bail set at $10M for ex-Goldman director in securities fraud
    Great post! But. I don't give President Obama any credit. This is our DOJ in action. It's what they're supposed to do.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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