Just wow

Raj Rajaratnam, Raj Gupta, and Hector Ruiz are not household names and I doubt many have ever heard of them. These are by the world’s standards the Captains of Industry, people to be admired and aspired. They are also now the next round to be added to the wall of “Had it all and then blew themselves up.”

Rajaratnam was the founder of Galleon Group, a multi-billion dollar hedge fund based in New York. Gupta was former CEO of MacKenzie Consulting the world’s premier corporate consulting firm and later a Board member of Goldman Sachs. Hector Ruiz was the former CEO of Advanced Micro Devices (AMD). What do these people have in common? They, along with others, gave out privileged insider information about a variety of companies and events resulting in trading profits of $50M to Rajaratnam in the past few years. You don’t make $50M on small tips either. Gupta tipped off Rajaratnam during the financial meltdown in late 2008 and early 2009 with a perch on Goldman’s Board and information that very few people had.

They now all share another thing in common: a destroyed life. Only they know what specifically motivated them to betray the trust of their clients, shareholders, peers, and family. In general it’s an old story of unbridled greed. This is the part that is mind boggling to me. Rajaratnam has a net worth over $1B; $50M is a drop in the bucket to this guy. But is it really that different from what anyone does that blows up their own lives in folly?

In American culture where greed is at times a national sport, the wisdom from Proverbs is timely and appropriate:

Keep lies far away from me.
Don’t make me either poor or rich,
but give me only the bread I need each day.        Proverbs 30:8


About Steve Ledford
Christian, husband, father, businessman, engineer, and all around regular guy. I have travelled some uncommon paths in life. Over the course of time I have found that truth is always simple, without exception. My life's purpose is to find it, live it, and speak it.

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