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 York: Evidence of insider trading against businessman Rajat Gupta is "overwhelming," a prosecutor told jurors at the trial's close on Wednesday, while a defence lawyer countered that the government had a weak, circumstantial case without direct proof. In one of the US government's biggest insider trading prosecutions in recent years, jurors were expected to begin deliberating the charges against Gupta, a former Goldman Sachs Group Inc board member, on...
07:30 AM, Jun 14, 2012
Rajat K Gupta is remarkably poised for a man who, if convicted of criminal conspiracy and securities fraud, could spend up to 20 years in jail. The 63-year-old ex-McKinsey head and former director on the boards of Goldman Sachs and Proctor & Gamble must have walked into meetings in a similar dark blue suit, silk tie and crisp white shirt. But today, May 29, at the US District Court in...
11:44 AM, Jun 11, 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
New Delhi: Taking a tough stand on insider trading and other serious offences, market regulator SEBI on Friday decided to exclude these violations from the consent order, a window available for settling disputes on payment of a fee. The modified guidelines, issued by the Securities and Exchange Board of India (SEBI), also said that this window will only apply for offences committed two years prior to submission of application to...
07:06 AM, May 26, 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: Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets...
08:27 PM, May 21, 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
Mumbai: The rupee made a new low of 54.91 against $, marking its third consecutive record low in a row vs 54.49/50 last close. Traders say 55 is the next key psychological resistance, breaching it could spark deep concerns. Global risk aversion weighing heavily on rupee; local shares down 1.2 percent. Risk aversion made a strong comeback with Asian stocks showing deep cuts and euro falling to a four-month low....
09:29 AM, May 18, 2012
The shares of investment firm JPMorgan Chase plummeted on Friday after it reported a two billion dollar trading loss. ...
09:53 AM, May 11, 2012
Mumbai: The BSE Sensex and NSE Nifty closed higher in a special trading session on Saturday, but fell 1-1.5 per cent for the week. Indices extended gains in a late trade led by banks, auto and metals stocks while the upside was capped due to fall in Reliance Industries, Bharti and Larsen & Toubro. The BSE benchmark rose 53.09 points or 0.31 per cent, to close at 17,187.34. The NSE...
01:25 PM, Apr 28, 2012
New Delhi: The Election Commission has stopped counting of votes in the Rajya Sabha polls in Jharkhand without a written clearance from the poll panel. The directive came after allegations of horsetrading by Jharkhand Vikas Morcha (Prajatantrik) chief Babulal Marandi. BJP leader Prakash Javadekar said that the party MLAs voted for JMM candidate Sanjeev Kumar in Jharkhand Rajya Sabha polls on the direction of the party leadership. Earlier, the BJP...
03:29 PM, Mar 30, 2012
Washington: The United States Senate has passed a bill that would ban lawmakers from trading stocks based on the information they acquire while performing their Congressional duties. The Stop Trading on Congressional Knowledge (STOCK) Act now requires to be passed by the House of Representatives before it is signed into law by President Barack Obama, who was quick to welcome the Senate passage of the bill. "No one should be...
09:49 AM, Feb 03, 2012
San Francisco: Facebook, the social networking company poised to go public this year, will not honor trades of its shares in the secondary markets for a three-day period beginning on Wednesday, according to a person familiar with the matter. Lawyers representing Facebook sent a letter last week to at least one of the special markets where private company shares are traded informing them of the move, the source said. The...
12:08 PM, Jan 25, 2012
