Posted on | October 26, 2011 | 13 Comments
Rajat K. Gupta, the highest-ranking corporate executive to become embroiled in a push by the government to root out insider trading, pleaded not guilty Wednesday to charges of leaking confidential information while serving as a director at Goldman Sachs Group Inc. and Procter & Gamble Co.
In a six-count indictment, federal prosecutors in Manhattan alleged that Mr. Gupta, the former head of global consulting firm McKinsey & Co., leaked details about the companies’ financial condition and an investment by Warren Buffett’s Berkshire Hathaway Inc. to former hedge-fund titan Raj Rajaratnam. The Galleon Group founder was sentenced earlier this month to serve 11 years in prison for insider trading.
The WSJ article doesn’t mention Gupta’s big-money contributions to Democrats. For that, we must consult the Stamford (Conn.) Advocate:
According to records on Westport’s online assessor database, the Guptas bought the eight-bedroom, eight-bath home in 1999 for $6.125 million. The home, situated on 2.28 acres, is now appraised at almost $12.5 million. . . .
In September 2008, the Guptas again opened their home to host a fundraiser to benefit the 4th Congressional District campaign of Democrat Jim Himes. Among the guests was then-House Speaker Nancy Pelosi.
Himes and other Democrats running for federal office were frequent beneficiaries of campaign donations from Gupta and his wife, according to Federal Election Commission records.
In July 2008, Gupta gave the Himes campaign committee $2,300 for his primary election campaign and another $2,300 for the general election. In March 2009, he gave the newly elected congressman’s committee $2,400, according to the FEC, and in September 2010 Rajat and Anita Gupta each donated $2,400 to the Himes campaign.
Calls to Himes’ congressional office Wednesday were not returned.
Others who benefited from Gupta’s campaign contributions over the years were U.S. Sen. Christopher Dodd, Hillary Clinton’s New York Senate campaign, Westport First Selectman Diane Farrell’s unsuccessful congressional campaign in 2006, the Democratic Congressional Campaign Committee and Democratic presidential candidates Barack Obama, John Kerry and Al Gore.
Has anyone told the “Occupy Wall Street” protesters about this? Obama, Hillary, Pelosi, Kerry, Gore — has anybody asked them about this?
UPDATE: Thanks to Eric Dondero of Libertarian Republican for the tip.