Majick Thise: Those responsible for sacking the execs at Sachs have now been sacked.

Møøse?

yeah right

So have they gone back in time and created a law for those guys to break so they can be punished for something?

"The facts demonstrate that Mr. Gupta is an innocent man and that he acted with honesty and integrity."

About farking time. Blankfein should have an asshole like a train tunnel by now.

This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

NutWrench: And by "held accountable" I assume they mean, "will be given a stern talking to and a suspended sentence."


Approves.

/"Can I still traffic rrrrrocks to the communi-tay?"

FTFA: Mr. Gupta has also been a philanthropist, serving as a senior adviser to the Bill & Melinda Gates Foundation.

::rolleyes::

And while they do this, I'll be waiting on Candy Island with Elvis, Jim Morrison, the Tooth Fairy and a unicorn that farts rainbows to the tune of "Yankee Doodle Dandy"

cgraves67: So have they gone back in time and created a law for those guys to break so they can be punished for something?

Insider trading.

When the 100th Wall Street multi-millionaire is given a multi-year sentence for conspiracy, then we'll have made a start. Right now, it's just theater.

qorkfiend: NutWrench: And by "held accountable" I assume they mean, "will be given a stern talking to and a suspended sentence."

[profile.ak.fbcdn.net image 180x144]
Approves.

/"Can I still traffic rrrrrocks to the communi-tay?"

Bravo sir, Bravo.

scottydoesntknow: Crooks going after crooks.

This.

phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

This.

Unless of course, they are going along the "get Al Capone" model, where they know who they should get, can't get them for that, so they get them for whatever they can.

/But the smart money is still on the above
//Or in a jar buried in your back yard.
///Sure as hell isn't in Wall Street anymore

phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

This.

phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

This. He helped a friend make a quick buck off the collapse, but his actual involvement in anything to do with the housing market (if there is any) will remain unexamined.

Insider trading. Meh. That's an example of the actions the government uses to mollify the rest of us by making us think they're actually doing something about unfair practices.

Alonjar: cgraves67: So have they gone back in time and created a law for those guys to break so they can be punished for something?

Insider trading.

It's like holding in the NFL - happens on every play, but only when it happens in view of the officials is it whistled. Egregious penalties are sometimes called (but mostly not, even when guys get up with their helmets on sideways).

Sometimes, the Rules Committee tells the refs to put "special focus" on it (like they did with Illegal Contact by DBs a few years ago), but we know it happens ALL THE TIME, and we know they won't even catch 20% of it.

// only difference is we don't have live feeds of said infractions playing every Sunday

Grand_Moff_Joseph: I'll believe it when I see them walking into jail - and not the cushy white collar jail either - I'm thinking more like Rikers.

It'll never happen.

Arkanaut: phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

This. He helped a friend make a quick buck off the collapse, but his actual involvement in anything to do with the housing market (if there is any) will remain unexamined.

Of course, it might be interesting to see what comes up in discovery . . .

This is just some bullshiat fluff. My father works for the SEC, he leads a team of accountants who bust traders all day for insider trading.

Do they catch a lot of people? Sure.... but my dads pissed because someone powerful in washington forced the SEC to cut funding to their new super computer they built to monitor HFT market manipulation. They disabled the only computer system capable of tracking advanced big money fraud. They cited tighter budgets... except that the SEC brings in far more money through their own fees and penalties than they cost.

They just bust people like this to make it look like they're actually doing something. Chances are this guy was just on some politicians shiat list.

calm like a bomb: About farking time. Blankfein should have an asshole like a train tunnel by now.

I would like something far worse to happen to him. Without Godwinning up the thread already, I think he's done more to spread misery than all but the very worst people throughout human history. Hundreds of thousands of lives are destroyed, from homelessness to governments ending social programs to increased difficulty on student, home, and small business loans...the entire world fell down because of his greed. I would like something far worse than prison to happen to him for sure.

And then my roomate will pay all her back rent!

Itll be a miracle!!!!


Horse barn door scenario

qorkfiend: NutWrench: And by "held accountable" I assume they mean, "will be given a stern talking to and a suspended sentence."

[profile.ak.fbcdn.net image 180x144]
Approves.

/"Can I still traffic rrrrrocks to the communi-tay?"

Brings a smile to my face every time.

No. Sadly, that headline is just wrong.

That's not what's occurring. The case here is that certain people have been insider trading (they have been giving each other advance notice of when something important, or "material', is going to happen). This is a way to make money because you know in advance of everyone else when certain stock or commodity prices will increase or decrease, and has been illegal since 1933.

Insider trading doesn't create or destroy money: it just transfers it from one person to another. This has nothing to do with the financial collapse, which had quite a few causes (not that everyone agrees what they are) but is generally linked to over-lending to sub-prime borrowers who defaulted, the securitization of those loans which failed, and overly aggressive leveraging by financial entities.

At this point, does it even farking matter? Nothing is going to undo the damage, and nothing is going to stop the next bubble. Unless you can fire up the Way-Back-Machine™ and talk god out of the whole greed thing.

phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

THIS.

Marcus Aurelius: Needs an UNLIKELY tag.

Thank you.

I'll believe it when I see it.

cgraves67: So have they gone back in time and created a law for those guys to break so they can be punished for something?

Keep licking, cgraves, your time to be a 1 percenter is just around the corner.

clyph: phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

THIS.

THAT. BEARS REPEATING, ETC.

No one involved in the collapse of the economy will ever see judgment unless they are still alive after a violent revolution has overthrown the United States government and replaced it with an actual populist democracy.

I was going to comment but I see everyone here believes the same thing. The politicians are the same as this a hole. He probably gave the "advice" to the politicians on how to how become multi millionaires.

/commented anyway

NutWrench: And by "held accountable" I assume they mean, "will be given a stern talking to and a suspended sentence."



Suspended sentence!! They went free that very day!

11-40 months in fed prison for bilking billions, he will soooo learn his lesson.

Headline has nothing to do with article.

Subby: FAIL

Modmin: FAIL

Stretching much? Unrelated to the crap OWS is about.

Yes, crap. There are a number of people with legitimate concerns being swept up in a masquerade.

They will be punished by having their feet tickled by the bailout checks given to them by the very same government?

Ah it's so funny that some political groups put all the focus and fear of "thieving" on those from poorer communities, while white-collar criminals steal more than any pickpocket, drug-addict, burglar or "welfare-momma" ever could.

Consequently they also put the entire nation in the toilet.

But yeah...keep us at each others throats 1%.

I'll believe it when I see these ass clowns in jail.

Please Use Lube: Figures, only under the Obama Administration would you see hard-working executives at reputable companies being punished for Joe and Sally American's mistake of building a McMansion with money they could never pay back.

The fiduciary relation is arguably the most important concept within the portion of the legal system known as equity.

.

TommyDeuce: Arkanaut: phildurt: This guy isn't implicated in the banking collapse. He's being indicted on (mostly) unrelated insider trading violations.

This. He helped a friend make a quick buck off the collapse, but his actual involvement in anything to do with the housing market (if there is any) will remain unexamined.

Of course, it might be interesting to see what comes up in discovery . . .

Might be, but I doubt it. Directors rarely do anything useful -- they're mostly paid to look the other way.

Businessweek had an interesting and insightful article on the character and history of Rajat Gupta back in May. (new window)

Basically, this man came up from the post-independence Indian middle class to reach an exalted position as a wise man amongst corporate leaders, with numerous cushy board positions. The problem, however, is that this wisdom did not make him "enough" money. He tried to ameliorate that through his friend, Raj Rajaratnam, but the whole thing came undone. The end result destroyed his reputation and he resigned.

I doubt the SEC will be able to do much. According to Businessweek, the "SEC's case against Gupta is based on heavily circumstantial evidence-including phone records, trading logs, and corroborating wiretaps." It seems "none of Gupta's alleged criminal tips to Rajaratnam appear to have been captured on the FBI's wiretaps."

This whole thing is a set piece performance. This isn't the scapegoat you're looking for.