Mumbai: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's fiscal and economic vulnerabilities. Goldman Sachs said it was cutting its gross domestic product forecast to 6.6 per...
05:24 PM, May 25, 2012
New York: Using FBI wiretaps, email, phone records and the testimony of a Goldman Sachs Group Inc director, US prosecutors drew a picture for jurors on Thursday of events that led to the insider-trading trial of onetime corporate star Rajat Gupta. 63-year-old Gupta is accused of providing now-imprisoned hedge fund manager Raj Rajaratnam with boardroom secrets between March 2007 and January 2009 while he was a director of Goldman Sachs...
09:17 AM, May 25, 2012
New York: Former Goldman Sachs director and McKinsey & Co executive Rajat Gupta was on a list of "important people" that now-imprisoned hedge fund manager Raj Rajaratnam was willing to be disturbed to take their phone calls, his onetime secretary testified at Gupta's insider-trading trial on Tuesday. The former Galleon Group employee Caryn Eisenberg also told the Manhattan federal court jury that she saw Gupta "many times" in the firm's...
09:52 AM, May 23, 2012
New York: A former Goldman Sachs Group Inc board member "threw away his duties" in divulging secrets about the investment bank to now-imprisoned hedge fund manager Raj Rajaratnam, a US prosecutor said at the start of a major insider-trading trial on Monday. Rajat Gupta, once a boldface name in business and charity circles, is the most prominent corporate executive charged in the US government's crackdown on insider trading. He has...
07:16 AM, May 22, 2012
New York: The July 29, 2008, phone call between two titans of Wall Street began with the old friends exchanging mild pleasantries, but then quickly turned serious and - by the government's account - criminal. Hedge fund manager Raj Rajaratnam asked about a rumor that Goldman Sachs "might look to buy a commercial bank". On the other end of the phone, then-widely respected Goldman board member Rajat Gupta confided there...
09:37 AM, May 21, 2012
New York: Indian-American corporate leader Rajat Gupta has been warned by a US judge that he cannot beat insider trading charges by trumpeting his history of philanthropy any more than Mother Teresa could use her missionary work to fend off bank robbery charges. "If Mother Teresa were charged with bank robbery, the jury would still have to determine whether or not she committed a bank robbery," US District Judge Jed...
06:35 PM, May 18, 2012
New York: Prosecutors want the jury in May's insider trading trial of former Goldman Sachs director Rajat Gupta to hear three secretly-recorded phone conversations of Galleon Group hedge fund founder Raj Rajaratnam as evidence of the purported conspiracy between them. In a pre-trial filing in Manhattan federal court on Monday night, the government said two of Rajaratnam's conversations with his principal trader and another with Galleon's then portfolio manager showed...
04:08 PM, May 01, 2012
London/Hong Kong: JP Morgan CEO Jamie Dimon warned employees not to seek advantage from competitors' 'alleged issues' after a former Goldman Sachs banker sparked a firestorm by charging that Goldman managing directors viewed clients as 'muppets'. Dimon's memo, awaiting Asia employees in their e-mail inboxes on Thursday morning and a copy of which was seen by Reuters, also implored staff to focus on their own bank's standards amid the furore...
08:06 AM, Mar 16, 2012
New York, The criminal trial of Rajat Gupta, a former board member of Goldman Sachs and Procter & Gamble Co., has been moved from April to May after his lawyer grumbled that prosecutors want to keep changing the charges. Gupta will now go to trial on May 21 on an indictment returned last week. He is accused of feeding inside information from board meetings to one-time billionaire Raj Rajaratnam, the...
02:29 PM, Feb 08, 2012
San Francisco: Facebook plans to file documents as early as Wednesday for a highly anticipated IPO that will value the world's largest social network at between $75 billion and $100 billion, the Wall Street Journal cited unidentified sources as saying on Friday. Morgan Stanley is a strong front-runner to be the lead underwriter on what would be one of the largest initial public offerings in US history, the Journal cited...
10:05 AM, Jan 28, 2012
New York: A US judge has asked prosecutors to provide specific financial benefits they allege former Goldman Sachs director Rajat Gupta made by passing inside information to his friend Raj Rajaratnam amidst allegations that he also tipped him about Proctor and Gamble's 2008 sale of Folgers Coffee Co to JM Smucker. The judge's direction came after Gupta's lawyers claimed he made no profits and called the government's allegations "mumbo jumbo"....
10:46 AM, Jan 06, 2012
New York: Financial services giants Goldman Sachs and Morgan Stanley are said to be the front-runners for the role of lead investment banker in Facebook's much-awaited blockbuster initial public offering next year, a media report said. Touted as one of the biggest IPOs in over a decade, Facebook's stock sale of about USD 10 billion is expected to take place in early 2012. With the California company planning to file...
11:23 AM, Dec 30, 2011
New York: Just five days before he was due to start his 11-year jail term for insider trading, hedge fund founder Raj Rajaratnam's lawyers made a last ditch effort to keep him out of jail, asking a US court to let him be free on bail while he appeals his conviction. 54-year-old Rajaratnam's prison sentence is scheduled to begin on December 5 at a federal penitentiary in Massachusetts. A three-judge...
12:41 PM, Dec 01, 2011
New York: Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, were...
09:53 AM, Nov 30, 2011
New York: At least two Goldman Sachs Group Inc executives face potential interviews under oath in the top US market regulator's civil insider trading case against a former director of the firm, Rajat Gupta, a court heard on Friday. The names of president and chief operating officer Gary Cohn and David Loeb, a managing director, came up at oral arguments in Manhattan federal court over whether or not depositions should...
11:59 AM, Nov 20, 2011
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