Wednesday, February 27, 2013

Confessions of a respectable insider trader

Rajat Gupta, former Goldman Sachs board member had everything that a human being could dream of – good education, unmatched wealth, loving family, good character, respect, and that too earned through grit, hard work and brilliance. Not so long ago, he was hailed as the poster boy of Indian businesses in America and a role model for millions. He proved to the hilt that dreams do come true if they are peppered with focus and sweat. 

What came into him that he let everything slip away so easily? What took Rajat almost a life time to earn, was lost in a jiffy.  Right from the time when he was ranked 15th in IIT JEE exam, the spot light has always been on him; but this time it is for all the wrong reasons. For sure, it was not an instant decision to fall astray something like murder or rape which can happen in rage without understanding the consequences of the act.  What did he think that he was in India and never be caught or his good connections will bail him out if ever caught or it was okay to help a friend?  He was deep into American system and was fully aware of its laws. Still, he fell to the greed (was it greed?) or plain stupidity.
Rajat Gupta is doomed. He may live a normal life after completing his sentence and paying the huge fine which includes $ 6.2 million to Goldman Sachs and more than $30 million towards his own legal charges. Was it really worth it?  No amount of money, repentance, convincing, and explanation can get him back what he has lost – his respect. His friends, hundreds of charitable organizations and societies that he was associated with, will never look at him again with awe. No matter what, it will never be the same again for him and his family. Confessions of a respectable inside trader, is the only saving grace for him. He should come forward and enlighten people about what comes into a person’s mind when greed or stupidity get the better of him. Most of us would want to know. 

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