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Inherent message in Rajat Gupta’s fall

When people in important positions are involved in insider trading, only quick and firm action against them sends a powerful message. This is what happened in former Goldman Sachs Director Rajat Gupta’s case. The editorial “A Modern Tragic Hero” (October 26) rightly identifies greed for Rajat Gupta’s fall. Gupta, who rose to the highest echelons of business and society both nationally and internationally, had been India’s poster boy.

The punishment meted to Rajat Gupta and the fall of Vikram Pandit, CEO of Citibank, have taken place simultaneously in the backdrop of our country’s recent fight against corruption.

Insider trading is a very serious crime. It happens in many countries, including ours, and is a source of loss to those dealing in stocks.

Rajat Gupta’s social contribution has been immense. He shepherded the American Indian Foundation in 2001. The entire Indian community in America has reason to be concerned about this unfortunate case.

Among the string of white collar crimes in our country, Harshad Mehta and Satyam’s Raju are a shame to the nation. Rajat Gupta’s case has been finalised in just four years inspite of cases of insider trading being very difficult to prove.

To some Gupta’s punishment is a lenient punishment and to others it is a perfect balance between Gupta’s demand (a Rwandan reprieve) and the prosecutor’s call (eight to ten years of prison).

PD SHARMA, Ludhiana


No doubt his life story, before the trial, had been a perfect fairy tale of fulfillment of an American dream: orphaned at 18, graduation from IIT-Delhi, MBA from Harvard, first non-American Managing Director of McKinsey and Co, Director of Goldman Sach’s board, Adviser to the UN Secretary General, adviser of several prestigious companies and NGOs, personally worth $84 million yet everybody is asking why did he do it? One wonders what drives men of reputation to tread an unlawful path and give in to temptation. It is a universal fact that in the minds of the richest persons, the idea of “dil mange more” develops and flourishes by leaps and bounds. For them, sky is the limit to acquire more and more money at any cost. They forget the famous saying of Kabir “ maya maha thagni, hum jaani “ and realise it only when they are trapped in the clutches of law.  The end of Rajat Gupta is as much a symbol of the great American dream as the story of several successes are. Its true that for him the loss of reputation is a far worse punishment than two years in jail.

DILBAG RAI, Chandigarh


Rajat Gupta had merely helped out a friend with an insider tip and asked nothing in return (editorial “A modern tragic hero”, Oct 26). He is now behind bars in a nation that swears by undiluted capitalism but equally zealous in guarding its basic tenets of fair play and transparency. The huge US-64 Scheme, touted as the common man’s mutual fund, with a corpus of thousands of crores was essentially done in by suspected insider trading, leading to large corporate redemption of over Rs 4,000 cr in April-May, 2001. It forced the mutual fund to freeze the scheme for six months. In India, the common investor, as in the case of US-64, will continue to ignore the escapades of the unscrupulous and can expect little succour from the regulators or government.

R.NARAYANAN, Ghaziabad

Road safety

In the US, the edges of the roads are made rough and the moment the vehicle veers off to the road, the vehicle starts jerking with a heavy noise so that the sleepy or a casual driver comes to his senses immediately and controls the vehicle (editorial “Rage needed”, October 27). Any chances of the vehicle hitting a pole or a tree are eliminated and accidents are minimised. The same can be done on Indian roads.

R K KAPOOR, Chandigarh

Long haul

Instead of fetching socially feasible plans, DR Chaudhry’s article “Haryana rocked by rapes” (October 19) has atoned itself as another piece of accusation on political and administrative machinery. With education and good teachers we could have transformed the male attitude and status of womanhood in Haryana, but we did not. If our women remain uneducated, unhealthy, physically weak, confined to homes and timid, good governance and even a vigil police cannot prevent rapes and honour killings

Our socially relevant interventional strategies have to be planned through brainstorming sessions by social activists, high profile teachers and professionals, which will have to be implemented with full steam for a period of at least two decades through the joint mechanism run by khaps, universities, NGOs and the media.


Social engineering

It is appreciable work done by the villagers at Mukimpur in Sonepat (Haryana). They have overcome the problem of English teaching in primary classes on their own in the government primary school by appointing English teachers through voluntary donations (news report “Primary education: Sonepat village leads the way”, Haryana Plus, October 9). It will be a boon for village children as they don’t need to go to distant private schools to get quality education, it is available at their doorstep, which will also be economical. In this way the valuable time saved will be utilised for self study and other household activities. As the result of this initiative, the strength of girl students will also increase. Other villages should take inspiration for a good cause.




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