New world record for dumbest/most simplistic example of insider trading

11 Mar

The arrogant stupidity of these guys is hard to believe:

Gupta telephoned his buddy Raj Rajaratnam less than one minute — literally — after learning in a Goldman board meeting that Goldman was about to receive a $5 billion capital injection from Warren Buffet’s Berkshire-Hathaway company in 2008. In September 2008, Gupta disconnected from a Board conference call, in which he learned about the Buffet deal, at 3:56 p.m. By 3:57, he was on the phone with Rajaratnam, who in turn waited less than a minute to buy 175,000 additional shares in Goldman.

I’d pay good money to see Gupta try to explain this one. “No, your honor, those calls were unrelated. See, after hanging up with Goldman I immediately remembered I had missed my tee time with Raj, and my phone call to cancel immediately reminded HIM of shrewd businessmen, seeing as how I am a shrew businessman, and all shrewd businessmen of course go in heavy on Goldman. See? All checks out. Case closed. Can I go?”

Fingers crossed both these dumb assholes get locked up for a good long while.

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