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Sunday, June 10, 2012

Rajat Gupta Won't Testify In Insider Trading Case

In a surprising development, former McKinsey chief executive officer and Goldman Sachs director Rajat Gupta, on trial for insider trading, will not testify in his own defense, according to a letter from his defense lawyers to presiding judge Jed Rakoff Sunday night.

This is a stark change from Friday, when Gupta's lawyers asserted to Judge Rakoff that it was "highly likely" Gupta would take the stand in his own defense.

Perhaps Gupta reconsidered various factors, such as those I explained earlier, which defendants like himself must weigh when deciding whether or not to testify.

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