The Billionaire'$ Apprentice: The Rise Of The Indian-American Elite And The Fall Of The Galleon Hedge Fund is an engaging non-fiction book that covers the famous Rajaratnam-Gupta insider trading case, and analyses the South Asian background of these two men.
Summary Of The Book
The Billionaire'$ Apprentice: The Rise Of The Indian-American Elite And The Fall Of The Galleon Hedge Fund, published in 2013, is a thrilling non-fiction book about illegal insider trading between two prominent South Asians.
Raj Rajaratnam of Sri Lankan origin founded the Galleon Group hedge fund. He soon became a billionaire. Rajat Gupta became McKinsey & Company's first foreign managing partner. Both these successful and powerful South Asians had made a name for themselves on Wall Street. However in 2011, both of them were convicted of multiple counts of securities fraud. Gupta had provided insider tips to Rajaratnam, who used this advantage to accumulate more than $7 billion in assets. Eventually Rajaratnam received an 11 year sentence, and Gupta got 2 years.
The author covers the details of how these two men indulged in fraudulent business tactics, and ended up making a fortune. Rajaratnam's was the first case ever in which the American prosecutors wiretapped telephone conversations to gather evidence against the defendant. The book brings to light the cultural aspects of this scam, including how immigrants form a strong network between themselves.
This book is a mix of financial details with cultural analysis. Raghavan's research is impeccable. She has used recorded telephonic conversations, court transcripts, and depositions to gather information. The Billionaire'$ Apprentice: The Rise Of The Indian-American Elite And The Fall Of The Galleon Hedge Fund showcases how easily illegal trafficking of inside information is disguised as legitimate research.
About Anita Raghavan
Anita Raghavan is an Indian-American journalist and author.
She was born in Malaysia, and moved to America in 1970. Raghavan graduated from the University of Pennsylvania, after which she worked at The Wall Street Journal for nearly two decades. She is the winner of the New York Press Club Award for her coverage of the near death of Long Term Capital, a hedge fund. She has also been the recipient of the Overseas Press Club Award for her reporting about the mergers and acquisition boom in Europe. She also writes for Forbes and New York Times Dealbook.
