Read a Wikipedia Bio of Rajat Gupta...click here
Image via WikipediaOK, so a possible bad guy has surrendered to the FBI and plead not guilty to charges of insider trading. But why is this consuming so much news time and space?
Rajat Gupta may be guilty of crimes he is being charged with - we truly won't know until more evidence comes out - or he may not be guilty as our criminal justice system should still consider some one innocent until proven guilty. Am I saying that? I, who claims others in and around Goldman Sachs are guilty. Yes, I am.
What I am really saying is it appears that we - who want to see justice done - always get excited when someone at GS gets arrested and charged. We get even more excited when they are proven guilty and sent to prison.
But what I believe is truly happening is a smoke screen led by our government in an attempt to protect those who created the plans to perpetrate a massive fraud on the entire world. As I have stated many times before - the crimes that have appeared to have been committed pale in comparison to what Bernie Madoff did. And he, we will all agree did pull off a major scam. (With a little help from who?)
So here we have two Rajat's. One already convicted the other just arrested. But, I must ask, how many of you out there ever heard of them? Again, I didn't hear you.
That's right. In terms of the massive fraud that I believe had been committed by the Streeter's - Rajat and Rajat are not leaders but followers and perhaps even envoys of those truly responsible.
Here is an article posted in The Street.com - an opinion by writer Dan Freed.
Forget Goldman Sachs, McKinsey is the Real 'Vampire Squid'
Mr. Freed writes, that according to USA Today, "McKinsey has spawned more CEO's then any other company". Well, that may be the case but Goldman Sachs - I believe still holds the record for spawning more high and mid ranking government employees worldwide then any other company. Read it all...click here
This private--85-year-old institution was dragged into the spotlight Wednesday after the filing of criminal charges against Rajat Gupta, its former head, for insider trading.While serving as a member of the board of Goldman Sachs, Gupta allegedly tipped off his now-infamous pal Raj Rajaratnam to the fact that Berkshire Hathaway(BRK-B) was about to pour billions of dollars into the firm in 2008 at a time when markets were about as fragile as they could possibly be and investment banks were the scariest stocks of all.
Gupta isn't the first bad apple to emerge from McKinsey's ranks, or even the most infamous--at least not yet. McKinsey also taught Jeffrey Skilling how to corner California's electricity market and make profits out of thin air as President of Enron. Nowadays, Skilling is cooling his heels in federal prison.
So here we have it. A company led by a man who sat on the board of directors of Goldman Sachs who might have spilled the beans on some insider info - maybe. If so, how many others have done so with no punishment at all? Opps, I forgot. Martha Stewart went to minimum security prison for "insider trading". Bad, naughty woman that she is. But we still buy her products by the millions.
But again, I must ask, why does this issue of Rajat Gupta need all of the following press?
Former Goldman Sachs director Rajat Gupta arrested
Los Angeles Times
Gupta Surrenders to FBI
Wall Street Journal
|Gupta Charged With Securities Fraud Related to Goldman Tips|
New York Times
Former Goldman Sachs Board Member Pleads Not Guilty of Insider Trading
Ex-Goldman Sachs board member surrenders
Former Goldman Sachs board member Rajat Gupta pleads not guilty, is freed on ...
Former Goldman Sachs Board Member Pleads Not Guilty In Fraud Case
Ex-Goldman Sachs board member pleads not guilty
Grand Forks Herald
As you can see from the Grand Forks Herald to the Washington Post to the Guardian and the BBC in England (see below) - this WAS the news for yesterday in reference to Goldman Sachs. I give you the links - you pick and choose which, if any, you want to read.
Bottom line for me. There are bigger fish to fry. There is more evidence out in the open to warrant Grand Jury Investigations. Yet, for some reason, I feel that what we all here are waiting for will just not happen.
The banks are back to business as usual. They are still gambling with depositors money. They are still playing with taxpayer money and most still have done very little to help straighten out the problems they have cause for us here in the U.S. and for those around the globe.
Don't anyone for an instance think that the European Union financial problems are not as a result of the actions of those on Wall Street. We already know the involvement Goldman Sachs had in Greece and how Greece is reeling from their actions.
So hurrah for the FBI in making the arrest of a "fat cat". Well, actually, I am not sure he is a fat cat. Not much has ever been published about him or his company until now. But, I am sure he was well paid as CEO of McKinsey but I am sure not as much as Lloyd Blankfein and many others at Goldman.
To end my post, I will offer my headline:
Wall Street Scapegoat Arrested by the FBI..while he true guilty stay free.
More News about this topic from other media sources: