"Code writing and testing is the most inefficient industry that existed," he said at a panel discussion here yesterday organised by the New York Tri-State chapter of Pratham USA, one of the largest non-governmental organisations.
India-born former Goldman Sachs director Rajat Gupta, who is arguing in appeal that the government lacked evidence to show he "received even a penny" for passing insider information, has disagreed with a US Supreme Court ruling that sharing corporate secrets is illegal even if the tipsters did not receive anything in return.
During arguments before the 2nd US Circuit Court of Appeals in New York, a lawyer for Gupta argued that jurors were given improper instructions in light of a major 2014 appellate ruling that limited the reach of insider trading laws.
US District Judge Jed Rakoff in Manhattan on Thursday rejected Gupta's argument that his tips to Galleon Group hedge fund founder Raj Rajaratnam were not illegal because his longtime friend gave him nothing valuable in return.
A three-judge bench of the Appeals Court had in June last year denied Gupta's plea to overturn the district court's ruling that permanently barred him from serving as an officer of a public company.
The US Securities and Exchange Commission said the order was issued earlier in the day by US District Judge Jed Rakoff in Manhattan, who also oversaw Gupta's related criminal trial.
Securities and exchange board of India (SEBI) chairman UK Sinha clarified that the regulatory body needed call data records (CDRs), not phone-tapping powers for investigations into insider trading cases.
Lawyers arguiing for Rajat Gupta have asked for the reversal of his insider-trading conviction stating that the wiretap evidence used by the prosecution should not have been introduced at trial. Rajat Gupta's lawyer Seth Waxman argued that the wiretaps played for the jury were not worthy of admission as it was hearsay evidence.
Rajat Gupta will seek appeal against his insider- trading conviction in a US court. The case rested exclusively on circumstantial evidence that relied on wiretap statements that did not involve him will be his argument.
A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse USD 6.22 million to the bank to help cover its legal expenses related to his criminal insider trading case.
Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn't have allowed wiretaps to be heard at trial.
The Kolkata born Gupta was one of the most respected global business icons coming out of India.
India-born former Goldman Sachs Director Rajat Gupta has said he should not be required to pay the global investment banking firm USD 6.78 million it is asking as reimbursement for legal fees and other expenses incurred by it in connection with his insider-trading case.
In a relief to India-born former Goldman Sachs director Rajat Gupta, a US appeals court on Tuesday granted his plea to remain free on bail while he appeals his conviction on insider trading charges.
US government has asked a court here to slap a maximum penalty of USD 15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
Having finished his spectacular career at McKinsey in 2007, Gupta, for all his charitable endeavours, may have felt frustrated in not finding new business worlds to conquer
From India Inc's Wall Street poster boy to being reduced to a convict in one of the biggest insider trading cases in the US, Rajat Gupta's stunning fall from grace has been improbable.
US prosecutors are considering a 8 to 10 year prison term for former Goldman Sachs Group board member Rajat Gupta. But, Gupta convicted of insider trading in June has the whos who of the developing and developed world to his side. So far, more than two hundred letters have recommended leniency for him.
Here's a poser: Just how often do you hear of stories about sudden career implosions, especially of high-achievers on top of their game, with an incredible track record of academic and professional success, who commit a momentary ethical lapse to find their careers hurtling down a precipice?
In an exclusive to CNBC-TV18, US attorney for the Southern District, New York Bharara says that insider trading is â€˜pervasive‘ in the US and that organisations are not paying enough attention to building the right culture.
The verdict is out former Goldman Sachs director Rajat Gupta has been found guilty of insider trading in the US.
Would a case like Rajat Gupta‘s meet the same fate in India?
After the jury convicted Rajat Gupta of insider trading, Richard Holwell- who presided over the Raj Rajaratnam insider-trading trial- said that he was not surprised by the verdict. He also said that this verdict was a great success for the US Attorney‘s office and will strengthen their attack on Wall Street‘s business ethics.
Goldman Sachs has paid for the bulk of former board member Rajat Gupta's legal defence in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter.
Former Goldman Sachs Group Inc board member Rajat Gupta was convicted on Friday on criminal charges of illegally tipping his hedge fund manager friend Raj Rajaratnam with corporate secrets.