Former Goldman Sachs Director and McKinsey CEO Surrenders to FBI
Rajat Gupta, a former director of Goldman Sachs, was arrested this morning on federal insider trading charges. He's reportedly accused of, among other things, tipping off convicted billionaire Raj Rajaratnam to Warren Buffett's $5 billion investment in Goldman Sachs in 2008.
Gupta is one of the most elite and respected business titans ever to know what handcuffs feel like, and he's the highest-profile target yet in U.S. Attorney Preet Bharhara's ceaseless war on insider trading. It's always fun to see obscenely wealthy people—especially one whose job running McKinsey & Co. basically consisted of getting paid to tell companies to fire everybody—getting the perp-walk treatment. But it's odd that Gupta was busted for giving a friend a business tip as opposed to say, participating in a scheme to defraud taxpayers by engineering a $13 billion pass-through bailout from AIG.
If Bharara ever wants to go after that crime, he's only got 11 more people to go. It would be cool if he started busting some white guys.
[Image via Getty]