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Ex-Goldman Sachs director charged with insider trading

Former Goldman Sachs director Rajat Gupta has been charged with insider trading for allegedly sharing secret information, which he learnt at board meetings, with friend and hedge fund manager Raj Rajaratnam.

The Securities and Exchange Commission’s enforcement division alleges Rajaratnam used the information to trade on behalf of Gallion Group’s hedge funds or shared the information with others within the firm who then traded on it before a public announcement was made.

The leaked details were about Warren Buffet’s $5bn investment in Goldman in 2008.

It is alleged the inside information made more than $18m in profits and loss avoidance.

The SEC has previously charged Rajaratnam and others in the widespread insider trading scheme involving the Galleon hedge funds.

SEC enforcement director Robert Khuzami says: “Gupta was honoured with the highest trust of leading public companies, and he betrayed that trust by disclosing their most sensitive and valuable secrets. Directors who violate the sanctity of board room confidences for private gain will be held to account for their illegal actions.”



Nigel Waterson compares RPI-CPI move to Brown’s raid on pensions

Former Conservative Shadow pensions minister Nigel Waterson has compared the Government’s decision to switch pension indexation from RPI to CPI with Gordon Brown’s infamous raid on pension funds in 1997. In an interview in this week’s Money Marketing, Waterson reveals the decision was never discussed during his time in opposition, indicating the move has been […]

Platform to remove products due to high demand

Platform has withdrawn a number of buy-to-let products due to high demand. It will remove its one, two and four-year fixes, which will not be replaced. Platform is also removing a variety of one and two-year trackers. The products will be pulled from the range on Monday. However, the lender will introduce a selection of […]


Stonehaven in equity release return – others set to follow

Stonehaven has returned to the equity release market a year after suspending new lending. Money Marketing understands there are three other equity release lenders eyeing returns to the market. The lender suspended new lending last March due to funding problems but said at the time the move was temporary. Stonehaven were one of many providers […]


Cable looks to remove barriers for small businesses

Business Secretary Vince Cable has pledged to cut small business red tape in an attempt to boost the economy. But, according to a report in today’s Financial Times, Cable said the Government was constrained by financial limitations and could not provide the sector with an “all-encompassing plan” for growth in the economy. Addressing 200 business […]


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