The Flexi-Law Country

Rajat Gupta, former Goldman Sachs Inc. director and former senior partner at McKinsey & Co.,center, arrives at federal court in New York, U.S., on Thursday, June 14, 2012.  Gupta "abused" his role as a director at Goldman Sachs Group Inc. and Procter & Gamble Co. by leaking secret tips to an associate, a prosecutor told the jury Wednesday during closing arguments in Gupta's insider-trading trial. Photographer: Peter Foley/Bloomberg *** Local Caption *** Rajat Gupta

Following nearly a month of testimony and lengthy instruction by Judge Jed Rakoff, eight women and four men filed out of the 14th floor courtroom of a lower Manhattan courthouse on the morning of June 14th to begin deliberating six charges tied to insider trading against Rajat Gupta, a man who stood at the centre of the business world.

Rajat Gupta’s four-decade journey from India to the upper echelons of American business and a board seat at Goldman Sachs Group ended after less than 10 hours of deliberation by a federal jury, which convicted him of insider trading.

The verdict caps the fall of the most prominent figure caught in the government’s drive to stop the leaking of corporate secrets to Wall Street. The U.S. said Mr. Gupta, 63 years old, once one of America’s most-respected corporate directors, was motivated not by quick profits but rather a lifestyle where inside tips are the currency of friendships and elite business relationships.

After hearing Rajat Gupta’s prosecution and the subsequent sentence, it wasn’t clear as to whether one should be happy or sad. Happy because, justice has been meted out to an individual inspite of his long standing high profile and strong stature in society. Sad because, if and only, the case in point had been in India, he would have somehow gotten himself out of this rut.

This throws a question which we all ask ourselves and others every time a scam gets unraveled in our country, WILL THE ACCUSED GET THE PUNISHMENT OR WILL HE BE ABLE TO BUY HIS WAY OUT OF IT.

I think we all know the answer to this.

Why is it that in our country, these mishaps are done and accepted with such gusto that the accused even roams about after his misdeeds freely and with an added flavor of arrogance. So the question is whether we blame the system for this or do we blame our short memories for this.

Frankly, even I do not have the answer to this.

If you do have an answer, do respond.

3 Responses to The Flexi-Law Country

  1. Swati Bhalla says:

    A very nice article here, certainly gives us a Food for Thought! The problem lies in our attitudes, we see, we ignore and thus let these problems get out of hand!

    If only we could just change our attitudes and care deeply enough to be able to do something about all this and not tolerate any of these corrupted people getting their own way, only then can we expect the government to do something!

    What is lacking is awareness and the need or desire to change anything! If we don’t come out of our comfort zones, don’t expect the Government to and in turn spoon feed us. Blaming someone else is not the solution. To get up and do something constructive about is, that is what is required!

    • Ravi says:

      Thanks Swati for your comments. you are right about the fact that we have to take ownership of this and have to take the bull by its horns. The best example would be the Anna Hazare kind of revolution which lead all of us to come out and demand accountability.

      All revolutions take a lot of time, energy, dedication with an addition of “networking” in today’s times which will bring all of us on one platform to tackle such issues.

  2. Sir,

    Legislature is one thing, but executive and judiciary are a reflection of the society that we live in.

    A very simple example is our own respect for law while roaming around littering in the streets of our own country. The attitude reverses almost instantly while travelling abroad. Not just big countries like US, but smaller ones like Thailad.

    Personal experience, while tarvelling to Thailand my guide cautioned me not to mock Thai people or their religion. And believe me, no one did (including many hooligan indian groups).

    This shows across. Whether it is politicians getting away with crores of scams. Movie superstars blatantly bashing dutiful guards, trying to enforce law. Anyone.

    Our own professional lives are no exception.

    But yes, I agree with you. There is hope. Society will drive the change!

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