Rajat Gupta is a sad riches to rags story.
Gupta had reached the pinnacle of success as a consultant. He ran the most powerful consulting firm of all, McKinsey, and he was a director at the most successful bank of all, Goldman Sachs. His conviction for insider trading, for which he faces up to 20 years in prison, thus ranks as a shocking reversal of what should have been a feel-good end to stellar career. He no doubt rues the day he ever even heard of Raj Rajaratnam, who is serving 11 years in federal prison.
Gupta is scheduled to be sentenced October 24 in front of U.S district judge Jed Rakoff. The defense team is making a final push in its bid for lenient treatment. Few people could generate letters of sympathy and character attestation from the likes of Bill Gates and Kofi Anan. The most moving and personal letters, however, have come from his wife and four daughters.
As noted by Law Blog, his wife seemed to reference a stunning naiveté: "He invested with anybody who came to him or was sent to him by friends without asking too many questions much to our financial advisors dismay. He could never imagine his friends or business associates could be involved in unlawful activities or would try to cheat him….During the present crisis, a lot of his 'good friends' have disappeared or cooperated against him in the hope of getting leniency and some who could be helpful did not step forward."
It's hard to see him as naïve, but in any case, his daughters have seen the strain.
"Often these days, I see my father and notice an unfamiliar look of fear on his face," wrote his daughter Megha, as noted by Law Blog. "I'll put my arm on his shoulder and say, 'Don't worry, Baba.' He moves quickly to compose himself: 'I'll be alright, baby. Are you alright?'"
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