Gupta Faces Sentencing As Rajaratnam Challenges Insider-Trading Wire Tap: Roundup

Rajat Gupta, the former McKinsey & Co. chief executive convicted of insider trading this summer, will be sentenced today by Judge Jed Rakoff in the U.S. Southern District. The likely outcome? Somewhere between a trip to Rwanda and 10 years in prison.

Then again, Mr. Gupta’s sentencing may become moot. Lawyers for Raj Rajaratnam, the billionaire founder of Galleon Group now serving an 11-year insider-trading sentence, will ask a federal appeals court to overturn his conviction tomorrow, The Times’ Peter Lattman reports. At issue: The sanctity of the process by which the government requested and received a warrant to tap Mr. Rajaratnam’s phones, which warrant led not only to the hedge fund manager’s conviction, but were also indispensable to the prosecutors who put Mr. Gupta behind bars. Or Rwanda, whatever Judge Rakoff decides.

Greg Smith loves Goldman Sachs, he’s just disappointed in it. Goldman PR man Jake Siewart loves The New York Times, he just … read Kevin Roose’s interview with Mr. Siewart.

The Wall Street Journal put together its hedge fund all-star team, noting it wasn’t easy to fill a roster this season.

Blackstone Group is planning a multibillion-dollar fund to buy stakes in hedge funds on the secondary market, according to Reuters, as private equity firms continues to step up as other financial firms such as banks and insurers step back.

The search for yield is leading investors to Africa, The Journal reports. As the Fed keeps interest rates low and African governments become more stable, bond investors are increasing exposures to the continent: “Capital flows into funds focused on Africa have increased 15% to $2.53 billion in the year through Aug. 31 over the previous 12 months, according to EPFR Global.”

A judge said LightSquared, the wireless company majority-owned by Harbinger Capital, could pay bonuses to its executives if the company exits bankruptcy by next year.

This, apparently, is a picture of the Halloween decorations outside Harbinger founder Phil Falcone’s 27,525-square-foot townhouse on E. 67th Street.

Here is the City pulled Bloomberg data on banking job cuts since last August.

On the poetry in management consulting.

Business Insider is ringing the bell at the New York Stock Exchange.