Wednesday, October 26, 2011

More Dirty Wall Street Sorts--And Of Course, Big Democrat Donors

Earlier this month, I mentioned how heavily some of those convicted in the Galleon insider trading scandal (you know, the 1% that Occupy Wall Street is so concerned about) turned out to be contributors to the Democrats.  The October 25, 2011 New York Times reports that:

Federal prosecutors are expected to file criminal charges on Wednesday against Rajat K. Gupta, the most prominent business executive ensnared in an aggressive insider trading investigation, according to people briefed on the case.
The case against Mr. Gupta, 62, who is expected to surrender to F.B.I. agents on Wednesday, would extend the reach of the government’s inquiry into America’s most prestigious corporate boardrooms. Most of the defendants charged with insider trading over the last two years have plied their trade exclusively on Wall Street.
Sure enough, go to opensecrets.org, and search for who Rajat Gupta gives money to, and what a surprise!

ContributorOccupationDateAmountRecipient
GUPTA, RAJAT
WESTPORT,CT 06880
MCKINSEY & CO/SENIOR PARTNER10/5/06$2,100Dodd, Chris (D)
GUPTA, RAJAT
STAMFORD,CT 06901
MCKINSEY/DIRECTOR2/18/04$2,000Khanna, Rohit (D)
GUPTA, RAJAT
WESTPORT,CT 06880
MCKINSEY & COMPANY5/11/00$1,000Clinton, Hillary Rodham (D)
GUPTA, RAJAT
WESTPORT,CT 06880
MCKINSEY & CO./MANAGING DIRECTOR3/20/02$1,000Pressler, Larry (R)
Gupta, Rajat K
Westport,CT 06880
McKinsey & Company Inc./Management8/2/04$23,000DNC Services Corp (D)
GUPTA, RAJAT K
WESTPORT,CT 06880
MCKINSEY & CO./EXECUTIVE12/30/05$10,000Democratic Congressional Campaign Cmte (D)
GUPTA, RAJAT K
WESTPORT,CT 06880
MCKINSEY & CO./EXECUTIVE11/5/06$10,000Democratic Congressional Campaign Cmte (D)
GUPTA, RAJAT K
WESTPORT,CT 06880
MCKINSEY AND CO./DIRECTOR3/27/06$2,100Farrell, Diane Goss (D)
GUPTA, RAJAT K
WESTPORT,CT 06880
MCKINSEY AND CO./DIRECTOR3/27/06$2,100Farrell, Diane Goss (D)
Gupta, Rajat K
Westport,CT 
McKinsey & Company Inc.8/2/04$2,000Kerry, John (D)
GUPTA, RAJAT KUMAR
CHICAGO,IL 60603
MCKINSEY & CO./MANAGING DIRECTOR11/9/00$1,000Gore, Al (D)
GUPTA, RAJAT KUMAR
CHICAGO,IL 60603
MCKINSEY & COMPANY6/5/90$1,000Bradley, Bill (D)
GUPTA, RAJAT KUMAR
CHICAGO,IL 60603
MCKINSEY & COMPANY6/5/90$1,000Bradley, Bill (D)
GUPTA, RAJAT MR
WESTPORT,CT 06880
MCKINSEY & COMPANY INC./MANAGING DI12/18/01$1,000Barve, Kumar P (D)
GUPTA, RAJAT MR
CHICAGO,IL 60603
MCKINSEY & CO./CONSULTANT3/19/99$1,000Bradley, Bill (D)
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5 comments:

crosspatch said...

It isn't only traders. Have a look at the GAO report on conflicts of interests with members the Federal Reserve Board of Governors. Notice the names mentioned. Then look at the Open Secrets list of top 20 Obama campaign donors.

The governors who had outside employment with firms that directly benefited from Fed actions were with firms that were major Obama supporters.

http://www.opensecrets.org/pres08/contrib.php?cid=N00009638

Squid said...

Thank Heavens he gave a grand to Pressler back in 2002. Now the MSM can report that he's a bipartisan donor!

ThomasD said...

The depth of the criminal behavior is evidence these people are fundamentally amoral.

They do not give money to Democrats out of any deep held affiliation with Democrat party principles. They do so either in direct furtherance of their corruption, ie. pure influence purchases; or as a form of penance, in a misguided belief, drawn from their twisted moral compasses, that the Democrats somehow represent the 'good' side of politics.

But my money is on the former more than the latter.

OldBob said...

He ought to be put in jail with the meanest, biggest sob's we can find. He, and anyone else engaged in similar activities, must suffer the consequences of breaking the law.

Binah said...

Leveraged finance fueled by cheap credit: that's the connection between the Democratic Party and Wall Street. The Democrats have been the party of cheap credit and fiat money for over a century.

Funny: it's supposed to help the "little guy" with cheap mortgages, student loans, and the like -- and it does, for a while. But eventually the "little people" go bankrupt or have to pay it all back. The "big people" make the appropriate large campaign contributions and get bailed out. Of course, the ultimate purpose is monetizing government debt, in the meantime handled by well-paid bond traders. Time we think again about a gold standard.

The tragedy of cheap-money populism.