You're watching...
FBN's Charlie Gasparino on Rajat Gupta asking friend friends and associates to write letters to Judge Rakoff and ask for leniency in his case.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Facts of the story Razzaq group -- -- level executive to be snared in the government investigation into insider trading -- start about you know.
Is waiting for sentencing Wall Street is buzzing about what sentenced the former Goldman Sachs board of director.
Will debt Fox Business have -- -- resolutely of that group that is asking prominent friends to convince the judge go easy on him Charlie Gasparino.
This is like -- yeah I got the letter right here to myself yeah.
But because I want to show -- the guys need -- just after asking can you help we should point out that this letter was rude you know it's.
He makes it sound like it's a personal letter to these people but it's actually a form letter -- sent out -- When I'm when did you get one was I I do not get one person present and in all but one of my sources -- we've obtained it.
It's kind of interest seen it's not unusual for people to write letters I think.
-- it is fairly aggressive in in the request for writing letters which is what makes this pretty pretty and usually he is asking friends and prominent business associates.
To write judge recalled the judge judges that who's gonna sentence -- and October 15 and basically say.
Go easy on him by how -- -- asking the judge basically asking these people that to underscore his achievements what a great guy he is.
One of the interesting things about this letter in trying to convince people and this is where I think he went to four.
And may get in trouble on this in this may backfire.
He's saying that the judge is is requesting these letters -- the judges asking for letters to basically help them out I mean it's.
It's a fairly.
As -- -- -- words the judge would like to receive letters we should point that we talked to judge recalls people is Presley is -- would not like to receive -- eating.
They take -- but you know he's not asking for its you know.
So this is kind of interest in case I think it's fairly and usually it's.
It's he's going even further than.
You would do it goes -- -- most people would go in terms of invoking the judge's name and one other thing is sources are telling us that his lawyers had no knowledge of this.
-- and if house site -- declined to comment but from what I understand if pals had no knowledge of this and they're gonna write some sort of cleansing letter.
Since -- to point out -- prospects -- just hopefully a list but now that we've told the judge I don't think it matters -- much anymore.
But that's where he is right now the big question Wall Street is how much time you get he's obviously looking for leniency to put at the George rate cough is a pretty.
It in terms of leniency he's pretty we now -- to point out that he gave to the book at Marc Dreier right Marc Dreier was.
The one of the Ponzi scheme is -- -- affair it was a lawyer who -- things up stole basis stole money.
He threw the book got in twenty years -- -- -- Bernie Madoff you know life sentence but through twenty years Adam.
He's gone easier on others.
Do the over under on this -- will -- faces twenty.
Right twenty years.
The the prosecutions like and -- -- around half of that ten years in jail.
What we understood what people are are betting on -- you know somewhere in between two and five years that -- -- -- would give them obviously what.
With these letters designs to get get -- down to two years when things that sentencing with our deadline aren't going further back.
-- want to write a letter.
I believe it's -- -- let me just check I believe it's October 08 October to more trouble it's October 18 where -- where the sentencing is and it's kind of a big store -- -- sure right now.
Behind the scenes -- how much we get remember.
I the prosecutions -- it was and was weakest on this and marry the one of the charges that group -- face and he was convicted on.
-- that he was a board member Goldman Sachs he knew about.
Warren Buffett's cash infusion during the height of the financial crisis before -- -- public.
He called a barrage -- Rodham -- downing group.
-- -- I believe in jail for the next 1010 years and said listen.
This is gonna happen maybe you know do what you want -- -- -- Rodham went out bought Goldman Sachs stock and bought a lot of it and obviously did did well because that cash infusion -- moved to stock up.
You know that's a pretty.
Yes it's pretty tough stuff.
Rate -- I believe will say.
It's about a straightforward insider trading you know he'll say listen you knew better.
Raj grudge group was not just a Goldman Sachs board member he was at I think it was a it was a McKinsey.
A partner.
Maybe deceit that elite partner McKinsey says a very prominent businessmen he knew better than to share that sort of stuff so my gut is that.
Unless he gets some really good letters and I I don't that you help.
Depends on the -- the guy he sent it -- I've I've received this confidentially is an extremely extremely prominent.
Businessman and this could help.
-- writing letters already on his behalf there's a website where you people can say what -- what a great guy is you know let this.
I if I guess I do.
Most people don't think of a very good guy but.
No c'mon Charlie Gasparino.
Thank you try out I'm at a post something on foxbusiness.com.
And a little bit between immediately we'll check it out next.
