The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund

The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund

by Anita Raghavan


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Just as WASPs, Irish-Catholics and Our Crowd Jews once made the ascent from immigrants to powerbrokers, it is now the Indian-American's turn. Citigroup, PepsiCo and Mastercard are just a handful of the Fortune 500 companies led by a group known as the "Twice Blessed." Yet little is known about how these Indian emigres (and children of emigres) rose through the ranks. Until now...

The collapse of the Galleon Group—a hedge fund that managed more than $7 billion in assets—from criminal charges of insider trading was a sensational case that pitted prosecutor Preet Bharara, himself the son of Indian immigrants, against the best and brightest of the South Asian business community. At the center of the case was self-described King of Kings, Galleon's founder Raj Rajaratnam, a Sri-Lankan-born, Wharton-educated billionaire. But the most shocking allegation was that the éminence grise of Indian business, Rajat Gupta, was Rajaratnam's accomplice and mole. If not for Gupta's nose-to-the-grindstone rise to head up McKinsey & Co and a position on the Goldman Sachs board, men like Rajaratnam would have never made it to the top of America's moneyed elite.

Author Anita Raghavan criss-crosses the globe from Wall Street boardrooms to Delhi's Indian Institute of Technology as she uncovers the secrets of this subculture—an incredible tale of triumph, temptation and tragedy.

Product Details

ISBN-13: 9781455504015
Publisher: Grand Central Publishing
Publication date: 06/02/2015
Pages: 512
Sales rank: 672,964
Product dimensions: 5.90(w) x 9.00(h) x 1.60(d)

About the Author

Anita Raghavan was born in Malaysia but came to the United States in 1970. A graduate of the University of Pennsylvania, she spent eighteen years at the Wall Street Journal where she won the Overseas Press Club award for her coverage of the mergers and acquisition boom in Europe, and the New York Press Club award for her reporting on the the near death of the hedge fund Long-Term Capital. In 2008, she became the London Bureau Chief for Forbes. Currently she is a contributor to New York Times Dealbook and Forbes.

Table of Contents

Cast of Characters xi

Prologue The Twice Blessed 1

Part 1 Discovery

Chapter 1 "Who Will Show Me the Way in the World?" 11

Chapter 2 "I Respectfully Decline to Answer the Question" 21

Chapter 3 A Family Affair 33

Chapter 4 Drama at IIT 39

Chapter 5 Birdie Trades 48

Chapter 6 Promises to Keep 56

Chapter 7 The Good Ship Galleon 62

Part 2 Rising

Chapter 8 No Ask Hacks 77

Chapter 9 "The Tamil Tiger" of Wall Street 85

Chapter 10 Up or Out at McKinsey 93

Chapter 11 The Camera Never Lies 104

Chapter 12 The Corner Office 116

Chapter 13 Raj's Edge 125

Chapter 14 Building Offshore-istan 128

Chapter 15 Partying and Polycom 143

Chapter 16 Playing for Team USA 158

Chapter 17 The Wharton Mafia 166

Chapter 18 Reeling in Roomy 173

Part 3 Falling

Chapter 19 Moonlighting at McKinsey 183

Chapter 20 A Vanaprastha on the Hudson 195

Chapter 21 The Dishonorable Dosco 204

Chapter 22 On the New Silk Route 212

Chapter 23 The Million-Dollar Man 220

Chapter 24 "You've Gotta Be a Hustler" 234

Chapter 25 The Richest Maid in Silicon Valley 240

Chapter 26 The Wire 253

Chapter 27 "I Played Him Like a Finely Tuned Piano" 264

Chapter 28 A Friend on the Board 273

Chapter 29 A Tragic Call 277

Chapter 30 "Buy Goldman Sachs, Buy Goldman Sachs" 285

Chapter 31 Trading at the Setai 295

Chapter 32 Handcuffs for Breakfast 305

Part 4 Trials

Chapter 33 "Why Is It So Quiet Around Here?" 317

Chapter 34 "He's a Bad Man" 333

Chapter 35 The Gupta File 342

Chapter 36 Kumar Sings 355

Chapter 37 An Unhappy Diwali 372

Chapter 38 Et Tu, Kumar? 379

Chapter 39 A Family Secret 400

Afterword 411

Acknowledgments 417

A Note on Methodology 421

Notes 427

Index 479

About the Author 493

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