Monday, June 18, 2012

On WSJ reporting

This Wall Street Journal blog talks about the conviction of Rajat Gupta for insider trading on Wall Street:
The jury found that he was “motivated not by quick profits but rather a lifestyle where inside tips are the currency of friendships and elite business relationships,” The Wall Street Journal reported.
But that is actually what the prosecution claimed.  I don't know in finding someone guilty that the jury endorses the motive that the prosecution ascribes.


Rajat Gupta, once one of America’s most- respected corporate directors, was indicted on six criminal counts in an insider trading case that prosecutors said was motivated not by quick profits but rather a lifestyle where inside tips are the currency of friendships and elite business relationships.
By Michael Rothfeld, Susan Pulliam and S. Mitra Kalita, The Wall Street Journal, October 27, 2011
PS: the indictment does not mention motive.