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Major Democrat Donor Sajat Gupta Indicted on Insider Trading Charges

Posted on | October 26, 2011 | 13 Comments

The Wall Street Journal:

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.

UPDATE II: The SEC’s press release is online. Now a Memeorandum thread. No one else is highlighting Gupta’s political donations.



13 Responses to “Major Democrat Donor Sajat Gupta Indicted on Insider Trading Charges”

  1. Joe
    October 26th, 2011 @ 7:00 pm

    Has anyone told the “Occupy Wall Street” protesters about this? Obama, Hillary, Pelosi, Kerry, Gore — has anybody asked them about this?

    My guess…no. 

  2. Joe
    October 26th, 2011 @ 7:02 pm

    It is a type of information that they cannot even see or comprehend.  It is like they suffer a form of color blindness to certain information.  It is like it never happened.  You could explain it till you are blue in the face and the response will be the same…

    It is all Bush’s fault. 

  3. Anonymous
    October 26th, 2011 @ 7:44 pm

    Be interesting to see if they can make this stick, considering that Gupta got nothing in return for the information he provided to Rajaratnam.

  4. Anonymous
    October 26th, 2011 @ 8:01 pm

    You’d think the administration would be hyping this to the sky, as an example of going after a fat cat.

  5. Anonymous
    October 26th, 2011 @ 8:28 pm

    Someone might ask who his contributions went to.

  6. Anonymous
    October 26th, 2011 @ 8:37 pm

    Yeah there is that.

  7. bradley
    October 26th, 2011 @ 9:01 pm

    Rajat K. Gupta and Raj Rajaratnam:  two more fine examples of the sort of rich Wall Street Jews that are keeping the 99% enslaved… err, uh… or something!

  8. Retiring Freddie Mac Conservator Gets $4 Million for Overseeing Billions of Tax Dollar Cash Infusion
    October 26th, 2011 @ 10:41 pm

    […] Tangentially related would be former Goldman Sachs bigwig and Democrat donor Sajat Gupta’s insider trading indictment. […]

  9. Adjoran
    October 27th, 2011 @ 2:27 am

    The crime is in transferring the information.  It doesn’t matter who benefits.

  10. Bob Belvedere
    October 27th, 2011 @ 8:39 am

    For the Left, Reality is a fluid concept…and some of that fluid is cloudy.

  11. Bob Belvedere
    October 27th, 2011 @ 8:40 am

    Those damn Hindu Jooz!

  12. Anonymous
    October 27th, 2011 @ 1:18 pm

    The real problem is the envious bolshevik professoriate that has infiltrated even the most elite of the Ivy League universities over the last 50 years. Gupta is a Harvard MBA, groomed to be one of the technocratic elite making decisions the proles are too stupid to make for themselves. There is a sense of entitlement instilled in these folks along with the cognitive dissonance of being marinated in the oppressive, politically correct, collectivist indoctrination mill that the university has become. It is the natural progression of the politics of envy, and these guys fill the upper ranks of Wall Street and the various wealth protection rackets, complete with their bent moral weathervanes.  Its not the 1%, but the 0.1% that really cause the problems. 

  13. DaveO
    October 27th, 2011 @ 4:16 pm

    Evil is evil, and greed is greed. Gupta traded the good name of his company, and himself, to satisfy his own needs.

    Doubt he even owns a gun.