One-time partners on Wall Street have uneasy prison reunion  after insider trading trialsIn their heyday, Raj Rajaratnam and Rajat K Gupta were business partners who lent each other a helping hand.The two men were very different. Rajaratnam was a high-rolling hedge fund manager who loved to take risks, while Gupta was a consultant educated at Harvard Business School who worked all his life at one firm, McKinsey & Company. Years after their closely watched insider trading trials and two of the biggest victories for prosecutors in the government's crackdown on insider trading on Wall Street, the men find themselves under the same roof: In a new development, both are now at the main prison at the Federal Medical Center Devens in Ayer, Massachusetts, northwest of Boston, with 1,000 other inmates.Friends, a former inmate and those who have interacted extensively with the two men describe what has become an awkward relationship. The two lead parallel lives that sometimes intersect. They

Gupta & Rajaratnam share the same jail roof

Business Standard

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Just months after the firm's former MD, Rajat Gupta, was sent to prison on insider trading charges, McKinsey is facing a new challenge in courtMcKinsey & Company, the global consulting giant, has found itself ensnared in another public relations fire.Just months after the firm's former managing director, Rajat K Gupta, was sent to prison on insider trading charges, McKinsey is facing a new challenge in court.AlixPartners, a prominent firm that helps companies restructure their debts and operations, filed a breach-of-contract lawsuit this year against two of its former employees who jumped ship to McKinsey. But in its latest court filing, the firm contends that one of the employees copied confidential files and later destroyed a crucial AlixPartners document just as the court signalled it planned to ask for a forensic analysis of the defendants' electronic devices.In a motion filed on Monday, AlixPartners asked the Delaware Chancery Court to impose sanctions on Eric Thompson, who jo

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Once all his appeals are exhausted, Gupta is likely to owe Goldman about $50 millionOn Tuesday, Rajat K Gupta (pictured), the former managing director of the consulting firm McKinsey & Company who was convicted of insider trading, is scheduled to report to a minimum-security prison camp in Massachusetts, spending the next two years not far from his one-time friend and partner in crime, Raj Rajaratnam.A federal judge, at the request of Gupta's lawyer, had recommended that Gupta be sent to a prison in Otisville, NY, but Gupta has been assigned to the satellite camp at FMC Devens in Ayer, Massachusetts, 40 miles northwest of Boston.In an interesting twist, Rajaratnam, the man to whom Gupta was convicted of giving corporate secrets on a raft of companies, including Goldman Sachs, is in FMC Devens' federal medical centre. Rajaratnam, the founder of New York hedge fund Galleon Group, is a diabetic and FMC Devens' medical unit provides dialysis. His facility is next to the satellite camp

Rajat Gupta's last days of freedom

Late one Friday morning, Rajat Gupta was rushing through security at Philadelphia International Airport, carry-on in tow, when his cellphone rang. When Gupta heard from Goldman Sachs, on whose board he sat, it was often from its chief executive, Lloyd Blankfein. But on this morning, it was Gregory K Palm, his old Harvard Business School classmate and the bank's general counsel, on the line. Palm sounded unusually serious. So Gupta asked if he could call him back from the other side of security.When he did, Palm quickly made two odd disclosures. First, he told Gupta that he had arranged for a colleague to listen in on their conversation. Then he said, "We are representing the corporation, and not you." Palm wanted to make sure that there was no doubt that this was not a privileged conversation. If the matter evolved into something bigger, their discussion could be handed over to law-enforcement officers.As Gupta listened, Palm stuck to the script that he worked out beforehand. "What can

Rajat Gupta's lust for zeros

The American manager of Kweku M Adoboli, a former UBS trader, told a court here on Friday that he was surprised by the size of some of the positions on the bank's London trading floor.