Wall Street rogues: Infamous corporate villains
Rajat Gupta, a former director at Goldman Sachs, is facing up to a decade in prison this week for insider trading.
The onetime managing partner of the McKinsey & Co. consulting firm was convicted in June on securities fraud and conspiracy charges for leaking confidential information to former business partner and hedge-fund manager Raj Rajaratnam. Gupta’s defense attorneys are seeking probation or community service in New York or Rwanda.
But bad behavior on Wall Street is hardly rare. Here's a look at some other real-life Gordon Gekkos – at least, the ones who were caught.
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Bernard "Bernie" Ebbers
Bernie Ebbers was, for a while, the pre-Madoff face of white-collar crime. The onetime chief executive of telecommunications firm WorldCom, Ebbers was convicted in 2005 of charges including fraud, conspiracy and filing false financial reports. The Mississippi company, already bleeding after a string of acquisitions, had to file for bankruptcy before reemerging as MCI Inc. and selling itself to Verizon. Revelations related to the $11-billion accounting fraud caused the stock to plunge and investors to lose billions. Ebbers is now serving a 25-year term in Louisiana.
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