London/Charlotte: Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp...
08:19 AM, Jun 22, 2012
Goldman Sachs has paid for the bulk of former board member Rajat Gupta's legal defence in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter. Gupta, a consummate business insider who also sat on the board of Procter & Gamble, was convicted on Friday of leaking secrets about Goldman at the height of the financial crisis,...
11:05 AM, Jun 19, 2012
New York: The jury, which convicted one of the most prominent Indian-Americans in the US Rajat Gupta of securities fraud, said it wanted him to walk a free man after the trial, but the evidence against him and his "need for greed" was just too "overwhelming". Former Goldman Sachs director Gupta, 63, sat expressionless, flanked by his lawyers, in Manhattan federal court as the jury read out its guilty verdict...
02:16 PM, Jun 16, 2012
A New York court has convicted former Goldman Sachs board member Rajat Gupta of illegally tipping his hedge-fund manager friend Raj Rajaratnam with secrets about the investment bank. ...
10:21 AM, Jun 16, 2012
New York: Rajat Gupta, a consummate business insider who once sat on the board of Goldman Sachs Group Inc, was convicted on Friday of leaking secrets about the investment bank at the height of the financial crisis, a major victory for prosecutors seeking to root out insider trading on Wall Street. The Manhattan federal court jury delivered its verdict on its second day of deliberations, finding that Gupta had fed...
09:36 PM, Jun 15, 2012
New York: Twelve jurors began deliberating on Thursday whether US prosecutors had proven their insider-trading case against former Goldman Sachs Group Inc board member Rajat Gupta. The Manhattan federal court jurors, among them a retired librarian, a non-profit organization executive and a school counselor, are to decide on five charges of securities fraud and one charge of conspiracy. Prosecutors accused Gupta, 63, of giving secret financial information between March 2007...
02:24 AM, Jun 15, 2012
New Delhi: Indian stock market does not present attractive prospects for investors in the near term amid sluggish domestic and global economic growth outlook, according to Goldman Sachs. The global investment banking major Goldman Sachs in its report said that a sluggish domestic and global growth outlook would have a bearing on the Indian equities in the coming months. "We find that the Indian stock market does not present an...
09:30 AM, Jun 14, 2012
New York: Former Goldman Sachs Group Inc board member Rajat Gupta, on trial over insider trading charges, has decided not to take the risk of testifying in his own defence, two days after his lawyer said it was "highly likely" he would take the stand. "After substantial reflection and consideration, we have determined that Mr Gupta will not be a witness on his own behalf in the defence case," Gupta's...
08:59 AM, Jun 11, 2012
New York: Former Goldman Sachs Group Inc board member Rajat Gupta will likely testify in his own defense at the insider trading trial in which he is accused of illegally leaking corporate secrets to now-imprisoned hedge fund manager Raj Rajaratnam. The likelihood of Gupta giving his version of events was revealed in a series of exchanges between the judge and his main defense lawyer in US District Court in New...
07:40 AM, Jun 09, 2012
New York: The Goldman Sachs CEO, Lloyd Blankfein, testified on Friday that the company's former director Mr Rajat Gupta, accused of insider trading, was not authorised to divulge 'market-moving' information he received as a board member to outsiders before the public announcements. Blankfein, 57, returned to the witness stand on Thursday in the insider trading trial of 63-year-old India-born Gupta. He was asked by Assistant US Attorney Reed Brodsky whether...
05:14 PM, Jun 08, 2012
New York: Lloyd Blankfein, the Chief Executive of Goldman Sachs Group Inc, told jurors at the insider-trading trial of one of the investment bank's former directors that "all parts" of a 2008 board meeting the two attended were confidential. "If something is discussed in a board meeting, it is confidential," Blankfein said, when asked about a June 2008 board meeting in St Petersburg, Russia, that he and defendant Rajat Gupta...
07:35 AM, Jun 05, 2012
New York: As the high-profile insider trading trial of former Goldman Sachs director Rajat Gupta enters its third week, the Indian-American's prominent friends feel he has been portrayed in an "unfair and one-sided" manner and his philanthropic work in India should not be forgotten. 63-year-old Gupta's trial, which began in Manhattan federal court on May 21, will resume on Monday after a weekend break with his protege and former McKinsey...
03:21 PM, Jun 04, 2012
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
