| Rajat Gupta | |
|---|---|
Rajat K. Gupta at the World Economic Forum at Davos in 2009 |
|
| Born | Rajat Kumar Gupta 2 December 1948 Kolkata, West Bengal, India |
| Residence | Westport, CT, USA New York, NY, USA Colorado, USA Palm Island, FL, USA |
| Citizenship | United States |
| Education | BTech, Mechanical Engineering MBA |
| Alma mater | IIT Delhi Harvard Business School |
| Occupation | Consultant, Management expert |
| Years active | 1973-2007 |
| Employer | McKinsey & Company, Inc. |
| Salary | $ 5 - 10 million + (estimate) |
| Net worth | $100 million+ [1] |
| Title | Senior Partner Emeritus |
| Term | 1994-2003 (Managing director) |
| Predecessor | Fred Gluck |
| Successor | Ian Davis |
| Religion | Hindu[2] |
| Criminal charge | securities fraud, conspiracy[3] (October 26, 2011) |
| Spouse | Anita Mattoo Gupta |
| Children | 4 |
Rajat Kumar Gupta (RUH-juth kuh-MAHR GUHP-tha; Bengali: রজত গুপ্ত; born December 2, 1948) was the managing director (chief executive) of management consultancy McKinsey & Company from 1994 to 2003 and a business leader in India and the United States. He was arrested in late 2011 by the FBI on insider trading charges stemming from the Raj Rajaratnam Galleon Group case.
In his capacity at McKinsey, Gupta was recognized as the first Indian-born CEO of a global corporation. After retiring from active practice, while maintaining an affiliation at McKinsey, Gupta served as corporate chairman, board director or strategic advisor to a variety of large and notable organizations (full list): corporations including Goldman Sachs, Procter and Gamble and American Airlines, and non-profits including The Gates Foundation, The Global Fund and the International Chamber of Commerce. Rajat Gupta is additionally the co-founder of four different organizations: the Indian School of Business with Anil Kumar, the American India Foundation with Victor Menezes and Lata Krishnan, New Silk Route with Parag Saxena and Menezes again, and Scandent with Ramesh Vangal.
On October 26, 2011, Gupta was arrested by the Federal Bureau of Investigation on charges of securities fraud and conspiracy as part of an ongoing and wide-ranging insider trading case in which Gupta's close associates Raj Rajaratnam and Anil Kumar were convicted and pled guilty, respectively. The Securities and Exchange Commission sued Gupta the same day. Gupta entered a plea of not guilty and was released on $10 million bail. Previously, from March to August 2011, the SEC had filed administrative suit against Gupta, been countersued by Gupta, and then dropped those charges. During that period, Gupta's conversations on tape with Rajaratnam, particularly those made while Gupta was a board member of Goldman Sachs, were played during Rajaratnam's trial and attracted widespread attention and notoriety. In the lead up and wake of the original SEC charges, Gupta resigned the majority of his corporate and philanthropic positions.
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Rajat Gupta was born in Kolkata, India to Pran Kumari Gupta and Ashwini Kumar Gupta. His father was a journalist for Ananda Publishers. His father was a prominent freedom fighter and had been jailed by the British for his efforts. His mother taught at a Montessori school. Gupta had three siblings.
When Gupta was five the family moved to New Delhi, where his father went to start the newspaper Hindustan Standard. Gupta's father died when Gupta was sixteen; Gupta's mother died two years later. Now an orphan, Gupta and his siblings "decided to live by ourselves. It was pretty unusual in those days."[4]
He was a student at Modern School in New Delhi. After high school, Gupta ranked 15th in the nation in the entrance exam for the Indian Institutes of Technology. He received a Bachelor of Technology degree in Mechanical Engineering from the Indian Institute of Technology, Delhi (IIT-D) in 1971. Declining a job from the prestigious domestic firm ITC Limited, he received an MBA from Harvard Business School (HBS) in 1973, where he was named a Baker Scholar.[5] Gupta remarked that the first time he saw an airplane was when he flew to ITC to inform them he would be attending HBS.[4]
Gupta served for nearly a decade as managing director (chief executive officer) of McKinsey & Company over a 34-year career at the management consultancy. He stepped down as managing director in 2003 and retired from active practice in 2007, becoming, like other retired senior partners, a "senior partner emeritus." Gupta maintained an office, executive assistant, email and phone at McKinsey and Company after retiring in 2007[6] — and is sometimes called a "senior partner emeritus" of the firm[7] — though in the wake of the scandals described above a McKinsey spokesperson was quoted as saying, "Our firm no longer has a professional relationship with Rajat Gupta."[8]
At McKinsey Gupta co-founded three different organizations:
After retiring from active consulting at McKinsey, Gupta served on the board of directors or advisors — often as chairman of the board — of: (partial listing below; full listing here)
After McKinsey Gupta also co-founded and chaired the private equity firm New Silk Route with Parag Saxena and Victor Menezes.
On March 1, 2011, the SEC levied administrative civil insider trading charges against Gupta. He was accused of passing material nonpublic information to Galleon Group's Raj Rajaratnam, who in U.S. v Rajaratnam was found guilty on all 14 counts of insider trading and securities fraud and sentenced to 11 years in prison.[9][10] In the wake of the SEC accusations, Gupta resigned from or did not stand for reelection to the boards of Goldman Sachs, Procter and Gamble, AMR and its subsidiary, American Airlines Inc., Harman International, and Genpact Ltd, among others. He also countersued the SEC and in August 2011 the charges and the countersuit were dropped by mutual agreement.[11][12] In September 2011 the Wall Street Journal indicated that criminal charges were imminent.[13] In October 2011 the United States Attorneys Office formally filed charges. Gupta surrendered to the FBI on October 26, 2011 and was released on $10 million bail.
Gupta joined McKinsey & Company in 1973 as one of the earliest Indian-Americans at the consultancy. He was initially rejected because of inadequate work experience, a decision that was overturned after his Harvard Business School professor Walter J. Salmon called Ron Daniel, then head of the New York office and later also the managing director of McKinsey, on Gupta's behalf.[4]
Gupta began his career in New York before moving to Scandinavia to became the head of McKinsey offices there in 1981. He did well in what was then considered a "backwater" area; this is where he first made his mark.[14] Elected senior partner in 1984, he became head of the Chicago office in 1990. In 1994 he was elected the firm's first managing director (chief executive) born outside of the US, and re-elected twice in 1997 and 2000. In this capacity, he was considered the first Indian-born CEO of a multinational organization.
After completing three full terms (the maximum allowed, by a rule he had himself initiated) and nearly a decade as head of the firm, Gupta became senior partner again in 2003 and retired from McKinsey as senior partner emeritus in 2007.[15] Gupta is widely regarded as one of the first Indians to successfully break through the glass ceiling, as the first Indian-born CEO of a multinational corporation.[4]
Over a 34-year career at McKinsey, Gupta directed a number of projects aimed at helping companies develop new product/market strategies and reorganize for improved effectiveness and operations capabilities. He has a broad range of consulting experience with a variety of industries, including telecommunications, energy, and consumer goods.
During Gupta's time as head of McKinsey, the firm opened offices in 23 new countries and doubled its consultant base.[16] His successor Ian Davis was elected by "emphasizing the need for a return to the McKinsey heritage."[17] This was seen as a reaction against Gupta's aggressive firm expansion. It was also a time of perceived shifting of standards. Enron, closely identified with McKinsey, collapsed during Gupta's tenure. During the dot-com bubble he and Anil Kumar created a program for McKinsey to accept payment from its clients in stock. Gupta's accountability for the shifting of standards was weighed differently by different observers.[18]
Gupta's mentors at McKinsey included Ron Daniel, the former managing director who as senior partner first hired Gupta into the New York office, and Anupam (Tino) Puri, the first Indian at the Firm and eventual senior partner.[4]
While he was managing director Gupta co-founded the Indian School of Business (ISB) with friend and fellow senior partner Anil Kumar. The school was ranked number 13 in the world by The Financial Times in its "Global MBA Rankings 2011".[19] Gupta and Kumar have both since resigned as chairman and executive board director respectively.[20][21]
Gupta maintained an office, executive assistant, email and phone at McKinsey and Company after retiring in 2007[6] — and is sometimes called a "senior partner emeritus" of the firm[22] — though in the wake of subsequent scandals a McKinsey spokesperson was quoted as saying, "Our firm no longer has a professional relationship with Rajat Gupta."[8]
| Year | Event |
|---|---|
| 1973 | Joins McKinsey |
| 1973-1981 | Associate in the New York office |
| 1980 | Elected partner |
| 1981-1986 | Partner and Head of the Scandinavia office |
| 1984 | Elected senior partner |
| 1986-1989 | Senior partner in the Chicago office |
| 1989-1994 | Senior partner and Head of the Chicago office |
| 1994 | Elected managing director |
| 1994-2003 | Managing director (chief executive) |
| 2003-2007 | Senior partner |
| 2007 | Retires from McKinsey |
| 2007-present | Senior partner emeritus |
Source: profile [4]
The following is a partial listing of Gupta's professional affiliations after his career at McKinsey, possibly incomplete as to status. An affiliation list may be found later in this article.
Gupta is the founding general partner and chairman of the Asia-focused $1.4-billion private equity firm New Silk Route. Investor Parag Saxena is current CEO, Victor Menezes, retired vice chairman of Citigroup, is current senior advisor, and Abdul Hafeez Shaikh, now Finance Minister of Pakistan, was formerly a partner. In addition, Anil Kumar, Raj Rajaratnam, and Mark Schwartz (CEO of Soros Fund Management) were co-founding partners in the fund, though all left before it began operation.[23] Gupta is currently on a leave of absence as chairman of the firm.[24] Messers. Gupta, Kumar, Menezes, Rajaratnam, and Saxena have all been the subject of or found guilty of U.S. federal or SEC securities enforcement actions.[18]
Gupta also co-founded the Scandent Group with Ramesh Vangal and is a senior advisor of former colleague Arjun Gupta's TeleSoft Partners.[25], which Raj Rajaratnam sued in 1999. Gupta's family trust was also a limited partner in the Telesoft venture.[26] In 2009 the Reserve Bank of India found that Gupta and Vangal, the co-founders of the Scandant Group, had violated India's Foreign Exchange Management Act (FEMA) rules, which for Non-Resident Indians (NRIs) carried severe penalties.[27]
He has served on the corporate board of directors of investment bank Goldman Sachs, consumer products company Procter and Gamble, aviation firm American Airlines Inc. (AMR Corp.),[28] technology management firm Genpact Limited (where he was chairman), banking firm Sberbank, and technology firm Harman International.[25]
Gupta is a former member of the board of trustees of the University of Chicago[25] and chair of the IIT Alumni Board. Gupta was also on the advisory boards of many business schools, including Harvard Business School, MIT Sloan School of Management, and the Northwestern University's Kellogg School of Management.[29] He also served on the board of overseers at Tsinghua University and the Lauder Institute of Management & International Studies at Wharton.
Gupta is also a co-founder and co-chair of the board of directors of the American India Foundation with Lata Krishnan and fellow New Silk Route co-founder Victor Menezes. Raj Rajaratnam and Bill Clinton also served on the board of directors of the foundation, with Clinton as honorary chairman.[30] He is also chairman of The Global Fund to Fight AIDS, Tuberculosis and Malaria. Gupta is chairman of the India AIDS Initiative of the The Gates Foundation as well as their Global Health Initiative.
Gupta was also appointed as special advisor on management reform to UN Secretary-General Kofi Annan.[31] He is formerly a trustee on the board of the Rockefeller Foundation.[25]
Since 2009, Gupta has increased his focus at improving education facilities in India.
In 2009 he was elected to the American Academy of Arts and Sciences.[32]
In July 2010 Gupta became chairman of the International Chamber of Commerce, the world business organization, though has since stepped down.[33]
On April 15, 2010, the Wall Street Journal reported that federal prosecutors in the United States were investigating Gupta's involvement in providing insider information to Galleon hedge-fund founder Raj Rajaratnam during the financial crisis,[34] in particular the $5 billion Berkshire Hathaway investment in Goldman Sachs at the height of the financial crisis in September, 2008.[35] Coverage of the event noted that Anil Kumar — who, like Gupta, had graduated from IIT, was a longtime highly-regarded senior partner at McKinsey, and had also co-founded the ISB — had already pleaded guilty to charges in the same case.[36] Gupta, Kumar, and Rajaratnam were all close friends and business partners.
When Goldman Sachs CEO Lloyd Blankfein asked Gupta about his insider trading rumors breaking in the press, Gupta replied, “I wouldn’t have had anything to do with that."[37]
On March 19, 2010, it was announced that Gupta had decided not to stand for re-election to the Goldman Sach’s board of directors. At the time this was seen as a reaction to the insider trading implications; however, wiretaps released over a year later in U.S. v Rajaratnam of Anil Kumar speaking to Rajaratnam reveal an anticipated conflict-of-interest with a senior advisory role at Kohlberg Kravis Roberts.[38] Gupta has since stepped down as senior advisor to KKR.
On March 1, 2011, the SEC filed an administrative civil complaint against Gupta for insider trading. It is alleged that he illegally tipped Rajaratnam with insider information about Goldman Sachs and Procter & Gamble while serving served on the boards of both companies.[9] Rajaratnam, it is alleged, "used the information from Gupta to illegally profit in hedge fund trades. ... The information on Goldman made Rajaratnam's funds $17 million richer. ... The Procter & Gamble data created illegal profits of more than $570,000 for Galleon funds managed by others," the SEC said.
"After a [Goldman Sachs] board call ... Mr. Gupta is said to have hung up the phone and called Mr. Rajartnam 23 seconds later. The next morning, the SEC says, Galleon funds sold their Goldman holdings, avoiding losses of more than $3 million," The New York Times continued.[39]
Gupta "vigorously denied the SEC accusations."[28] He is being represented by respected white-collar criminal attorney Gary Naftalis of Kramer Levin Naftalis & Frankel LLP in connection with the charges. Mr. Naftalis "strongly denied that [Gupta had] done anything wrong" in 2010 when Gupta's name was first mentioned relative to the case[40] and said in March 2011 that the SEC charges were "totally baseless." Naftalis went on to say "that Gupta is not accused of receiving anything in exchange for information provided [and that] Gupta lost his entire investment in Galleon by fall 2008."[41] The lost investment was specified to be "USD 10 million ... in the Galleon Buccaneers Voyager Fund."[42]
Gupta's countersuit claims he is the first person ever charged by SEC in this type of proceeding who is not a broker-dealer or investment management employee. countersuit.
Another important aspect of insider trading is gain -- Gupta's lawyer Naftalis said on March 1 that "Gupta is not accused of receiving anything in exchange for information." Yet a week later in U.S. v Rajaratnam it emerged that "Mr Rajaratnam ... might pay Mr Gupta with a large stake in the fund, and that Mr Rajaratnam loaned Mr Gupta money so he could increase his investment in a Galleon fund.” [43] It also emerged that Mr. Gupta was in talks to become chairman of Galleon International, and therefore also stood to profit. [44] Wiretaps in U.S. v Rajaratnam were later played of Gupta asking Rajaratnam, "I want ... us to keep having the dialog as to ... how I can be helpful in Galleon International [and] Galleon Group."
After Rajaratnam's conviction and the revelations about to Gupta in the Rajaratnam trial, the difficulty of SEC's proving even the civil charges against Gupta was still deemed considerable by observers. Among other aspects, the May, 2011, Bloomberg report noted that, "[r]emarkably, none of Gupta's alleged criminal tips to Rajaratnam appear to have been captured on the FBI's wiretaps." But the report also noted a March 2010 e-mail from Gupta to Ajit Rangnekar, dean of the Indian School of Business, with denials, assertions and, in the reporter's opinion, "obvious inaccuracies," leaving many questions on how the cases and story would yet unfold.[18]
In the immediate aftermath of the SEC's filing of charges on March 1, 2011, "[s]pokesmen at American Airlines and Harman said they had no comment. Genpact, where Gupta is chairman, issued a statement saying he 'has made invaluable contributions to Genpact, and has always sought to hold Genpact to the highest standards of integrity and corporate governance.’”[45] Gupta also served on the board of and Procter & Gamble (P&G), but stepped down immediately on March 1, 2011 "to prevent any distraction to the P&G board and our business," said a spokesman.[41] On March 7, 2011 he resigned from the boards of AMR Corp, American Airlines, Harman International and ultimately Genpact Ltd.[42]
On March 10, 2011, Gupta stepped down as chair of the International Chamber of Commerce “until a satisfactory resolution of the case."[46] On March 15 he stepped down as chairman of the Public Health Foundation of India.[47] On March 20 he resigned as chairman of the Indian School of Business, after some controversy at the school and in India.[21] On March 29 he stepped down as advisor to the Gates foundation.[48] By April 2011 he had resigned from every board chairmanship or membership.[49]
In the high-profile insider trading case U.S. v Rajaratnam unfolding near the same time (March 2011), wiretaps were played of Gupta describing to Rajaratnam elements of the confidential meetings of the board of directors of Goldman Sachs, including its possible willingness to purchase commercial bank Wachovia or insurer AIG.[44] On March 15, 2011 an FBI wiretap from July 28, 2008 was played in the U.S. v Rajaratnam trial between Rajat Gupta and Raj Rajaratnam in which the two men discuss Goldman Sachs, Anil Kumar, Galleon International and Kohlberg Kravis Roberts. The tapes caused concern for several reasons:
As the tapes were released McKinsey was holding its regular annual partners conference, and according to a spokeswoman was "monitoring the matter and taking it seriously as you would expect.” [54] They later released a statement saying they were "appalled and deeply dismayed."[8] The firm has come under heavy criticism for having its former longtime senior partners and leaders (Gupta and Kumar) as well as a junior partner (Palecek) all involved in the insider trading scandal.
On March 23, 2011 Goldman Sachs CEO Lloyd Blankfein testified that Gupta had in fact divulged board-privileged material to Rajaratnam, though the particular information was allegedly confidential and not material nonpublic (the legal standard for insider trading).[55]
On March 18, 2011 Gupta countersued the SEC (SDNY 11 Cv. 1900). The court filing read, "Mr. Gupta denies all allegations of wrongdoing and stands ready to mount a defense against each and every one of the Commission's charges. Yet under current Commission rules, Mr. Gupta would be deprived of a jury trial, the right to use the discovery procedures of the federal court to shape his defense and the protections of the federal rules of evidence, which were crafted to bar unreliable evidence."[56] The countersuit said the SEC action "'unfairly and unconstitutionally' singles him out,” as he is to date the only person not employed by a broker-dealer ever charged by the SEC in administrative proceedings.[11] It is not known whether the provisions of Dodd-Frank (the law allowing for SEC administrative proceedings in this instance) may be applied retroactively to before the law’s existence, as the SEC has claimed in charging Gupta.[56]
In July 2011, Judge Rakoff refused to throw out the countersuit against the SEC[57] and in August, Gupta and the SEC agreed to drop their respective actions against each other. The judge had drawn attention to the fact that all 28 other SEC actions stemming from the Galleon case had been filed in federal court. As part of the August agreement, the SEC agreed to file any future charges against Gupta in federal court in New York where it would be assigned to Rakoff. There was no comment on whether such charges would be filed.[12]
Just over three months after the SEC allegations of insider trading, Goldman Sachs shareholder James Mercer filed suit against Gupta "seeking to recover any 'short-swing' profits on Goldman's behalf."[58]
In late September, 2011, The Wall Street Journal reported that federal prosecutors were "fully committed" to filing criminal charges and were "moving closer toward bringing" them.[13][59] They had previously sparred over how, when, and whether to arrest or sue Gupta, in "a bitter dispute between federal prosecutors and securities regulators."[60]
On October 26, 2011 the United States Attorney's Office filed charges against Gupta. He was arrested in New York City by the FBI and pleaded not guilty. He was released on $10 million bail (secured by his Connecticut house) on the same day. Gupta's lawyer wrote in an e-mail quoted in Bloomberg, “Any allegation that Rajat Gupta engaged in any unlawful conduct is totally baseless .... He did not trade in any securities, did not tip Mr. Rajaratnam so he could trade, and did not share in any profits as part of any quid pro quo.”[61]
Former Federal prosecutor Douglas Burns, who in March had said he expected an SEC-Gupta consent agreement,[62] also previewed a Gupta no-quid pro quo defense plan on Bloomberg the day of the arrest.[63]
Three days before Gupta's arrest, Rajaratnam was reported to have said that the prosecutors had wanted him to wear a wire and tape his conversations with Gupta. "It was Rajaratnam’s understanding that were he to plead guilty and wear a wire, he might be offered a sentence of as little as five years. With good behavior, he could be out in 85 percent of that time," the report continued. Rajaratnam did not — and has not ever, at time of writing — cooperated with federal prosecutors. He has been sentenced to 11 years in prison.[64]
The same day as US v. Gupta, the SEC sued Gupta again (this time not in an administrative proceeding) over civil claims related to the criminal charges in US v. Gupta.
Rajat Gupta and Anil Kumar were senior partners together at McKinsey & Company for over a decade, among the earliest and best-regarded Indian-Americans in management consulting. They became friends and enjoyed a mentor-protégé relationship early into Kumar's career as senior partner. The two men co-founded the Indian School of Business in 1997 and "were the face of McKinsey in India."[65]
According to The Financial Times, "the two operated as a forceful double-act to secure business for McKinsey, win access in Washington and build a brotherhood of donors around the Hyderabad-based ISB and a handful of social initiatives." [65]
Gupta first met Raj Rajaratnam while fundraising with Kumar for the Indian School of Business in 1999. Rajaratnam and Kumar had attended Wharton business school together in the 1980s. Two years later Gupta and Rajaratnam served together on the board of directors of the American India Foundation.[66]
In 1999 Rajaratnam filed a lawsuit against the Gupta-advised TeleSoft partners and its founder Arjun Gupta (no relation), a former McKinsey consultant himself.[26]
Gupta, Rajaratnam, and Kumar were all involved to varying degrees in the creation of private-equity firms Taj Capital and New Silk Route. Gupta had written Rajaratnam's home address as his own in the fund formation papers.[1] Rajaratnam and Kumar were founding partners of the private-equity firms but left before they began operation. Kumar testified that he was "treated...poorly" by his friends in the formation of the firms.[67] Gupta remained founding partner and chairman of New Silk Route, and Rajaratnam eventually invested $50 million in New Silk Route.[23]
While they were both senior partners, Gupta and Kumar "created a company called Mindspirit LLC in 2001 as a vehicle for their two families to make investments."[67] Mindspirit consulted with Infogroup and its then-CEO Vinod Gupta (also no relation) in return for stock options, though an Infogroup SEC filing would later question the payment and the business relationship between the two companies. Vinod Gupta would also say that Mindspirit was "created by the wives of Rajat Gupta and Anil Kumar."[18][5] Rajat Gupta and Anil Kumar's work at Mindspirit and the relationship with Genpact both broke McKinsey's own rules (in spirit, though perhaps not technically) on external for-profit involvements, according to McKinsey's head of communications.[5] Former President Bill Clinton was also an investor in the Infogroup transaction; his daughter Chelsea previously worked under Gupta and Kumar at McKinsey.[5] Clinton had also served as chairman of the American India Foundation with Gupta and Rajaratnam.
During the dot-com bubble of the late 1990s, Gupta and Kumar had created a program to allow McKinsey to accept stock in lieu of consulting fees.[68]
Rajaratnam intended to make Gupta chairman of "Galleon International," an expansion of the Galleon Group.[50] Rajaratnam considered paying Gupta "with a large stake in the fund."[69]
Gupta was "a regular presence at Galleon’s offices ... and showed up there periodically for lunch. Mr. Rajaratnam’s secretary would order in Indian or Chinese food and the two men would sit in Mr. Rajaratnam’s office and chat."[70] Gupta visited Rajaratnam "biweekly" in September 2008 during the financial crisis.[18]
Rajaratnam and Kumar vacationed together in Kenya, Africa and Miami, Florida.[71][72] Kumar was a regular visitor to Gupta's houses in Connecticut, Colorado, Manhattan and Florida.[73] Gupta was "regularly invited" to Rajaratnam's house in Manhattan and for Galleon parties.[72][74]
Gupta and Rajaratnam were also connected through Goldman Sachs. From 2006 - 2010 Gupta served on the board of the bank, by which point Rajaratnam's Galleon Group "paid hundreds of millions of dollars a year to its Wall Street banks and in return regularly received market information that would not have been disclosed to most investors."[75] Gupta and Rajaratnam also used their Goldman Sachs relationships to market New Silk Route.[76]
Gupta and Kumar both personally invested in Rajaratnam's Galleon funds, though Gupta lost a $10 million investment in Galleon's Voyager fund.[8] Rajaratnam also "loaned Mr Gupta money so he could increase his investment in a Galleon fund."[69]
Gupta knew that Rajaratnam was sending money to Kumar against McKinsey policies and possibly illegally.
The three men were also not above gossip: Rajaratnam said Gupta "seemed tormented" while on the phone with Kumar, then turned around and called Kumar a "mini-Rajat" while on the phone with Gupta.[77] Rajaratnam also told Kumar that "there had been a lot of innuendos" about Gupta and Lata Krishnan, with whom Gupta had co-founded the American India Foundation.[78]
108 Production announced a film entitled "Billion Dollar Raja" inspired by the Galleon insider trading investigation. The film was described as "an investigative financial mafia drama inspired by the true story of Galleon Group founder Mr. Raj Rajaratnam, his network of Wall Street honchos, big corporate insiders, employees and a prosecution team determined to punish those involved in the most complex insider trading case in history through secret wire-tap recordings." The film will be written and directed by Nayan Padrai and produced by Sheetal Vyas.[79]
Source: various official biographies May be incomplete and quite likely out-of-date[80][24][81][82]
Rajat Gupta married Anita Mattoo, two years his junior, in 1973 after they had met at IIT. She was an electrical engineer, and according to him "a much smarter student" than himself. The couple met at college debates and plays.[84] Mattoo came from Srinagar, Kashmir, India.
Gupta owns several properties that he uses for both work and pleasure:
According to the Economic Times, "His big mansion in Connecticut is like a public dharamsala, where friends, professors and McKinsey colleagues are encouraged to come and live, often with their families. He is also known to ask colleagues to take a break at his Colorado ranch with their families - something unheard of in the McKinsey world at that time."[73]
Gupta has four daughters: Geetanjali Gupta-Nwanze, Megha, Aditi and Deepali. In 2008, Geetanjali Gupta married Chukwuemeka Nwanze, an Igbo from Asaba, Nigeria, son of Vincent Nwanze, former Deputy Consul-General at the Nigerian Consulate in New York. The wedding was held at Rajat Gupta's house in Westport, Connecticut. Geetanjali was reported to be a Harvard BA, MBA and JD as well as a manager of the Harvard endowment fund. Emeka is a Harvard BA and Yale MBA and MD specializing in ophthalmology. [87]
| Business positions | ||
|---|---|---|
| Preceded by Fred Gluck |
Managing director of McKinsey & Company, Inc. 1994 –2003 |
Succeeded by Ian Davis |