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October 25, 2012 - Image 6

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The Michigan Daily, 2012-10-25

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qU

6A - Thursday, October 25, 2012

The Michigan Daily - michigandaily.com

Ex-Goldman executive given
two years for insider-trading

Gupta gave
information to
hedge fund boss
NEW YORK (AP) - A former
Goldman Sachs and Procter &
Gamble Co. board member was
sentenced to two years in prison
Wednesday, culminating a spec-
tacular fall from grace for a man
whose good deeds worldwide
brought him leniency after he was
convicted of feeding inside infor-
mation about board dealings to a
billionaire hedge fund owner who
was his friend.
Rajat Gupta, 63, of Westport,
Conn., learned his fate from U.S.
District Court Judge Jed Rakoff,
who defended the length of the
prison term he levied, blasting
federal sentencing guidelines that
he said called for Gupta to serve
at least 61/2 years behind bars. He
also ordered him to pay a $5 mil-
lion fine.
Citing information he received
under seal, Rakoff said Gupta's
crimes may have occurred because
Gupta may have "longed to escape
the straightjacket of overwhelm-
ing responsibility, and had begun
to loosen his self-restraint in ways
that clouded his judgment."

The Harvard-educated busi-
nessman long respected on Wall
Street was one of the biggest
catches yet for the federal govern-
ment in its five-year crackdown
on insider trading that has so far
resulted in 69 convictions.
Gupta was ordered to report to
prison on Jan.8.
Reading from a statement, he
said: "The last 18 months have
been the most challenging period
of my life since I lost my parents as
a teenager.
"I regret terribly the impact
of this matter on my family, my
friends and the institutions that
are dear to me. I've lost my reputa-
tion I built for a lifetime. The ver-
dict was devastating."
The dealings by Gupta that
were highlighted at his spring trial
stemmed from his relationship
with Sri Lanka-born Raj Raja-
ratnam. The one-time billionaire
hedge fund boss controlled up to
$7 billion in accounts, giving him a
firm footprint in the financial mar-
kets and influence that impressed
someone as widely regarded as
Gupta.
"His conduct has forever tar-
nished a once-sterling reputation
that took years to cultivate," U.S.
Attorney Preet Bharara said after
sentencing. "We hope that others

who might consider breaking the
securities lawswill take heed from
this sad occasion and choose not to
follow in Mr. Gupta's footsteps."
Prosecutors described how
Gupta raced to telephone Rajarat-
nam with stock tips sometimes
only minutes after getting them
from board conference calls, help-
ing Rajaratnam make more than
$11 million in illegal profits forhim
and his investors. Rajaratnam is U
serving an 11-year prison sentence
after his conviction lastyear.
The narrower insider trading
case against Rajaratnam and his
co-conspirators resulted in 26
convictions and was described
by Bharara as the biggest insider i
trading case in history, success-
ful in part because of unprec-
edented use of wiretaps more
familiar to juries at mob and drug
trials.
Prosecutors say Rajaratnam
earned up to $75 million illegally
through his trades while Gupta's
attorneys point out that their cli-
ent earned no profits.
At trial, Gupta was convicted
of three counts of securities
fraud and one count of conspir-
acy, insider trading charges that
prosecutors said should result
in a prison sentence of up to 10
years in prison.

Palestinian moumners grieve in the family home during the funeral of the body of Hamas militant Loay AbuJarad in Beit Lahia, northemn Gaza Strip,
WednesdayOct.24, 2012.
Gazans blast Israel with
rockets, draws airstrikes

Heaviest bombing in
months, retaliation
threats begin
JERUSALEM (AP) - Hamas
militants in the Gaza Strip fired
dozens of rockets and mortar
shells into southern Israel on
Wednesday in the heaviest bom-
bardment on the area in months,
drawing ominous Israeli threats
of retaliation and dangers of
escalation.
The violence came a day after
a landmark visit to Gaza by the
emir of Qatar. Israeli officials
suggested the visit, the first by a
head of state to the Hamas-ruled
territory, emboldened the mili-
tant group.
The rocket fire began shortly
after the emir left Gaza late Tues-
day and continued through the
night. Israeli officials said more
than 80 projectles were fired,,
and Hamas claimed responsibil-
ity for many of the attacks.
Israel responded with a series
of airstrikes on rocket launch-
ers, killing two Palestinian mili-
tants, according.to Gaza medical
officials. Two other Palestinians

were killed Tuesday.
Three Thai laborers working
on an Israeli farm were wound-
ed, two seriously, when a rocket
hit a chicken coop. Other rockets
badly damaged five houses and
broke car windows. Schools in
the area were closed.
Many people spent the day
indoors, while others stayed in
close proximity to the make-
shift cement shelters found in
the streets of southern Israeli
towns. In one farming commu-
nity, shrapnel covered trees and
a children's playhouse in a back-
yard.
"Sometimes it feels like a
scene out of the movie 'Platoon,'
something out of the Vietnam
war. We can stay at home and
just hear the noise of the war,"
said Tamara Cohen, a resident
of the border community of Ein
Habesor whose children, ages 9
and 5, spent the night in a forti-
fied "safe room" in their home.
A video issued by Hamas' mil-
itary wing showed six rockets
peeling off in rapid succession,
then later, from what appears
to be a different location, eight
rockets shoot off, leaving plumes
of black smoke behind them.

Hamas said the video
earlier in the day, thou
vided no proof.
Hamas officials
schools in border ar
dents said they worrie
lation of fighting wool
upcoming Muslim c
of Eid al-Adha, whent
dents feast, visit fami
their children in new c
take them out to play.
Despite the violenc
in Gaza City were crov
residents snapping u
and food ahead of Fri(
of the holiday. Tra
blocked main roads, a
leaders chanted song
feast.
Israeli leaders t
tougher action against
fire.
"We didn't ask for t
tion and didn't initiate
Minister Benjamin.
huisaid after touring
defense battery. "But i
ues, we are preparedt
on a far more extensiv(
etrating operation."I
said the "Iron Dome
system intercepted at1
rockets.

was made
agh it pro-
shuttered
eas. Resi-
d an esca-
d ruin the
elebration
Gaza resi-
lies, dress
lothes and
ce, streets
wded with
p clothes
day's start
ffic jams
nd prayer
s for the

White House notified hours after
attack that group claimed credit

11

Islamist group took
responsibility two
hours after seige

called for an attack on the U.S.
Embassy in Tripoli.
The document may fuel
Republican efforts to show that
the White House knew it was
a terrorist attack, even as the

WASHINGTON (AP) - Two U.S. ambassador to the United
hreatened hours after the U.S. Consul- Nations was saying - five days
the rocket ate came under attack in Beng- afterward - that it appeared to
hazi, Libya, the White House be a protest gone awry.
his escala- was told that a militant group The Obama administration's
it," Prime was claiming responsibility for account of the Benghazi events
Netanya- the violence that killed the U.S. has become a campaign issue,
a missile ambassador and three other with Republican challenger
f it contin- Americans. Mitt Romney and GOP lawmak-
to embark A State Department email ers accusing the White House of
e and pen- sent to intelligence officials and misleading Americans about the
The army the White House situation room nature of the attack.
" defense said the Islamist group Ansar al- The Associated Press and
least eight Sharia claimed responsibility on other news organizations
Facebook and Twitter, and also obtained the unclassified email
Call:#734-418-4115
Email: dailydisplay@gmail.com

i

RELEASE DATE- Thursday, October 25, 2012
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Edited by Rich Norris and Joyce Nichols Lewis
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and two related emails fromgov-
ernment officials who requested
anonymity because they were
not authorized to speak about
them publicly.
The House and Senate com-
mittees that oversee intelligence
received a raft of documents
from the Director of National
Intelligence on Monday, two
congressional aides said. Con-
gressional . staffers combing
through the documents have
found a kaleidoscope of some-
times conflicting intelligence,
backing up much of what intel-
ligence officials explained over
the past several weeks.
But members of both commit-
tees are still complaining that
the original briefing they were
given just after the Tuesday,
Sept. 11 attack, differed marked-
ly from the explanation the CIA
director David Petraeus gave
them by the end of that week. In
that first briefing, just 12 hours
after consulate was burned
down, the intelligence commit-
tees received a report that it was
a military style assault, but just
days later, Petraeus stressed that
militants had infiltrated amob, a
U.S. official said.
U.S. intelligence officials
have said Petraeus outlined that
extremists were believed to be
in the crowd, and carried out
the attack, and also stressed the
picture was still evolving.
A U.S. intelligence official said
Wednesday that it was "clear
from the outset that a group of
people gathered that evening,"
but that it took until the week .
after the attack to determine
"whether extremists took over a
crowd or if the guyswho showed
up were all militants." The offi-
cial said the briefing included
the analysis that the "attacks
that appeared spontaneous," but
also mentioned possible links to
regional al-Qaida groups.
Meanwhile, the Tunisian
government said it has arrested
a 28-year-old Tunisian linked to
the U.S. Consulate attack. Inte-
rior Ministry spokesman Tar-
rouch Khaled said Wednesday
that the suspect, Ali Harzi, was
in custody in Tunis. Khaled told
The AP "his case is in the hands
of justice," but did not elaborate.
Flip back two
pages to read the
opinion page.
IT'S ON PAGE 4.

EVERY DAY.

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