Despite everyone from the Pope to Bill Gates pleading for mercy, Reuters reports that disgraced Wall Street titan and
philanthropist Rajat Gupta was sentenced to two years in prison on Wednesday, a
much lighter sentence than U.S. prosecutors had demanded, by a judge who called
his insider trading crimes "disgusting" and "a terrible breach
of trust."
Gupta was also ordered to pay a $5 million fine. He was
convicted in Manhattan federal court last June for leaking Goldman Sachs
boardroom secrets to Raj Rajaratnam, the hedge fund manager at the center of a
U.S. government crackdown on insider trading over the past four years.
U.S. District Judge Jed Rakoff told a somber courtroom
audience, including Gupta's wife and four adult daughters, that the illegal
sharing of corporate secrets at the height of the 2008 financial crisis
"was the functional equivalent of stabbing Goldman in the back….."
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