By  on March 2, 2011

Rajat K. Gupta voluntarily resigned from Procter & Gamble Co.’s board Tuesday after being charged with insider trading. Gupta, the former worldwide director of McKinsey & Co., had served as a director of P&G since 2007.

The Securities and Exchange Commission on Tuesday charged the Westport, Conn.-based business consultant — who also is a former board member of Goldman Sachs — with illegally tipping Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings at both P&G and Goldman, as well as an impending $5 billion investment by Berkshire Hathaway Inc. in Goldman.

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