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Gupka Leak: Buffett Decides on $5B Goldman Purchase
When Warren Buffett decided in 2008 to invest $5 billion in Goldman Sachs Group, Goldman Director Rajat Gupta was there. When Goldman prepared its quarterly results, Goldman Director Gupta was there.
In each case, Goldman Director Gupta allegedly passed that information onto hedge fund manager Raj Rajaratnam - before the deal was made public in September 2008, and before quarterly earnings were reorted. In all, Rajaratnam’s Galleon Group allegedly made more than $18mn on the Buffett leak and other insider information from Gupta.
Rajat Gupta, 62, stepped down from Goldman Sachs’s board last year. He also was a direct or indirect investor in some of the Galleon hedge funds at the time of the tips. Buffett, the 80-year-old chairman of Berkshire Hathaway Inc., has spoken out against Wall Street greed and said the pursuit of short-term profit can compromise longer-term performance."Totally Baseless." Gupta’s attorney, Gary Naftalis, called the SEC's allegations "totally baseless," and added that his client "has done nothing wrong and is confident that these unfounded allegations will be rejected by any fair and impartial fact finder."
For further details, go to: [Bloomberg, 3/1, "Buffett's 2008 .."]
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