According to John Carney, Senior Editor, CNBC.com
“….A few people I talked to on Wall Street after the
sentence came down had the same reaction as Judge Jed Rakoff: why had someone
as intelligent, hard-working and successful as Gupta risked — and now lost —
everything to participate in an illegal scheme from which he saw no material
benefit.
When Gupta was first charged, I answered this question with
these words: It was something close to
sociopathic narcissism—perhaps a belief that he was somehow above the law,
immune to the rules that govern the rest of us. The sort of thing we see in
Madoff.
I've now been led to believe, though numerous conversations
with people connected with Gupta and some of the other players in the
insider-trading case, it was something else. (Read more: Rajat Gupta: Bigger
Than Madoff?)
Gupta needed to feel like he was, in the words of one of his
former friends, "a real player." He intensely desired to been seen as
a great man, someone important, someone in the know. Leaking secret information
was a way of demonstrating this. To
mangle a phrase, pride goeth before the insider-trading telephone call.
http://www.cnbc.com/id/49541592
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