“The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread.”
But to be fair, both rich and poor are barred from insider trading.
Federal prosecutors want Rajat K. Gupta, once one of the world’s most prominent businessmen, to spend as much as 10 years in prison for insider trading.
Mr. Gupta’??s defense lawyers would rather he spend time in Rwanda.
It is just the latest intriguing twist in the case of Mr. Gupta, who was convicted of leaking boardroom secrets about Goldman Sachs to the hedge fund manager Raj Rajaratnam.
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On Wednesday, prosecutors and defense lawyers filed sentencing memos to Judge Jed S. Rakoff, who is scheduled to sentence Mr. Gupta on Oct. 24 in Federal District Court in Manhattan. Mr. Gupta is the former head of the consulting firm McKinsey & Company and the most influential of the 69 individuals convicted in the governmentâ??s sweeping insider-trading crackdown.
Mr. Gupta’s lawyers have pleaded for a lenient sentence of probation, accompanied by an order that he perform community service. Gary P. Naftalis, a lawyer for Mr. Gupta, made an unusual request in recommending that Mr. Gupta, who has played a leadership role in a variety of global humanitarian causes, be sent to Rwanda.
(via NYTimes.com)
It will be interesting to see if the punishment for insider trading is as harsh as that for stealing bread.
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