Rajat Gupta, a former director of Goldman Sachs, was arrested this morning on federal insider trading charges. He's reportedly accused of, among other things, tipping off convicted billionaire Raj Rajaratnam to Warren Buffett's $5 billion investment in Goldman Sachs in 2008.
Gupta is one of the most elite and respected business titans ever to know what handcuffs feel like, and he's the highest-profile target yet in U.S. Attorney Preet Bharhara's ceaseless war on insider trading. It's always fun to see obscenely wealthy people—especially one whose job running McKinsey & Co. basically consisted of getting paid to tell companies to fire everybody—getting the perp-walk treatment. But it's odd that Gupta was busted for giving a friend a business tip as opposed to say, participating in a scheme to defraud taxpayers by engineering a $13 billion pass-through bailout from AIG.
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