Wednesday, May 30, 2012

GUPTA TRIAL DAY SEVEN


Gupta Trial Synopsis Day 7

The spat btwn Naftalis and Brodsky that the judge characterized as "polite way of name calling" and playing a"game of gotcha" shows nerves are fraying outside view of the jury.
Michael Cardillo had stepped down off the stand and the jury was at lunch.


Brodsky claimed that Naftalis gave his defense table  thumbs up during cross examination last week and then said under his breath "got him". Brodsky said this was or could be heard by the jury. Then Naftalis made some claim about an objection the prosecution made and then Brodsky handed some related papers up to the judge. Then the judge finally said I can read these papers or go to lunch.
The gallery chuckled, court was adjourned for lunch.




Story link
http://newsandinsight.thomsonreuters.com/New_York/News/2012/05_-_May/Testy_times_for_counsel_at_Gupta_insider-trading_trial/ 


Also the jury asked the judge if they could see what we, the artists, were drawing. He was amused by this query and assured them that we were doing a good job, but unfortunately they were not allowed to see or read anything about the case, including our artwork. Ironically we have been requested not to draw their faces so I hope they are not disappointed  there will be no recognizable images of the jury at this trial.

GUPTA TRIAL DAY SIX


Gupta Trial Synopsis Day 6

CFO of P&G  Jon Moeller on the stand. He was put on the stand in the middle of Michael Cardillo's testimony. Once he was finished Cardillio resumed on the stand.

story  link
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/29/bloomberg_articlesM4SSEI07SXKX01-M4T8P.DTL

story link on Cardillo testimony
http://dealbook.nytimes.com/2012/05/29/p-g-takes-center-stage-at-gupta-trial/?ref=todayspaper

DEWEY BANKRUPTCY First Day Orders

The bankruptcy of Dewey LeBoeuf was the largest law firm bankruptcy in US history.
Albert Togut gave an eloquent opening statement to the Judge Martin Glenn (who also handled the MF Global bankruptcy).



However the judge did not approve the cash collateral order and the lawyers were told to either return the following day with issues resolved or on Friday morning for a hearing.

story link

Monday, May 28, 2012

GUPTA TRIAL Judge Jed Rakoff

Here are some of the trials that I covered where Judge Rakoff presided.
Terra Firma v Citibank
US v Winnie Jiau
US v James Fleishman
US v Marc Dreier
Picard v Katz ( "Mets/Madoff ")
US v Rajat Gupta
He is one of the most prominent and active judges I have seen, scheduling hearings and conferences
late( even on Friday afternoons), and going late into the evening. He knows how to handle the press and moves cases along quickly. Indeed he informed lawyers  that they need to sharpen their presentation and avoid jury boredom  at the Gupta trial.

Gupta story link

http://newsandinsight.thomsonreuters.com/New_York/News/2012/05_-_May/Fear_of_jury_boredom_seeps_into_Gupta_insider_trial/


Story link
http://topics.wsj.com/person/R/jed-rakoff/5391

Judge Rakoff

I have drawn Judge Rakoff on many occasions, but this scene was the most unique.



 During a Marc Dreier bail hearing Judge Rakoff needed
to get information from the court appointed receiver , who was not present in court.
So he tracked him down on his cell phone, then had a conference with the receiver  in the middle
of the hearing with the judge and lawyers encircling the speaker phone.

Story link
http://webcache.googleusercontent.com/search?q=cache:HNgDgdZY-lAJ:www.crainsnewyork.com/article/20090203/FREE/902039997+&cd=4&hl=en&ct=clnk&gl=us

Thursday, May 24, 2012

GUPTA TRIAL Rajat Gupta, Raj Rajaratnam and attorney Gary Naftalis


Gary Naftalis is Rajat Gupta's powerful defense attorney. He represented Phillip Bennett in the Refco fraud and brilliantly spoke on his behalf; his client only received a sentence of 16 years after being in involved in a 1.5 billion dollar fraud.
story link
http://www.nydailynews.com/2.1353/n-y-judge-orders-prison-refco-ceo-article-1.346520
Here Rajat Gupta is seated with Naftalis during his formal arraignment


Naftalis/Gupta
story link
http://www.moneycontrol.com/news/features/rajat-guptas-last-card_715659.html


During trial I thought this was an interesting image, the juxtaposition of the evidence photo of Rajaratnam on the phones at his desk with Rajat Gupta seated at the defense table.





At the Rajaratnam trial there was a  similar image. This was  of a Rajat Gupta evidence photo with Raj in the foreground, below.


I thought these images compelling because it  visually showed the connection between the two men. 

Story link
http://www.business-standard.com/rajatgupta/

http://www.npr.org/2012/05/22/153252760/prosecutor-links-rajat-gupta-to-raj-rajaratnam

Wednesday, May 23, 2012

Day Three
Wire tap of  July 29, 2008  conversation between Raj and Rajat Gupta was played for the jury.
Rajat Gupta without a reaction read and made notes on the transcript as the tape was played.

Story links
http://www.cnbc.com/id/47542807

http://online.wsj.com/article/SB10001424052702304707604577424472434087522.html?

GUPTA TRIAL DAY THREE


Former Goldman Sachs Director Byron Trott on the stand. Outside the courthouse he was smiling but inside on the stand he was dead serious, especially when speaking about the financial meltdown of 2008.
Story links
http://dealbook.nytimes.com/2012/05/23/buffetts-goldman-deal-is-topic-in-an-insider-case/

http://www.nypost.com/p/news/business/the_all_star_game_zNoKgb48pRUQ6WI91LLyRP




Tuesday, May 22, 2012