It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(Financial Times) -- India's business elite is still struggling to come to terms with the downfall of one of their most celebrated members, following the conviction of Rajat Gupta on charges of insider trading in a court in New York on Friday.
The former head of McKinsey & Co and director at Goldman Sachs was once the pre-eminent member of India's "Davos set", with an ability to open doors at the highest level of global business, matched only by a reputation for personal integrity and charitable good works.
While many expected the verdict, the conviction of the Indian American on charges of conspiracy and securities fraud after a four-week trial, led some to express feelings of sadness and shame, while others admitted that the trial had damaged the international image of Indian commerce.
Mr Das also highlighted the "glaring" contrast between an erratic and slow-moving Indian legal system that often protects the well-connected, and the swift and harsh punishment handed out by the powerful US courts. "We sometimes catch [people] but we don't convict," he said. "What the US system is saying is that no one is above the law."
Gurcharan Das, an author of books on the Indian economy and former chief executive of the Indian operations of Procter & Gamble, said that the saga suggested that Mr Gupta, while associating with billionaires, aspired to become one of them.
"It's the classic problem of status anxiety. It's what we all suffer from in some form," said Mr Das, who is the author most recently of The Difficulty of Being Good, a book that draws on the philosophical lessons of the Hindu epic, the Mahabharata.
"As head of McKinsey he was associating with CEOs and billionaires earning very large sums. His job was to advise people with a lot of capital, not to be an owner of capital. He got new ambitions."