Recent Reading 9

The latest in a sequence of lists of recently-read books:
Anita Raghavan [2013]:  The Billionaire’s Apprentice:  The Rise of the Indian-American Elite and the Fall of the Galleon Hedge Fund.  (New York:  Business Plus).   This is a fascinating and excitingly-written account of the rise and fall of several people, many of them Americans of South Asian descent, associated with the activities of the Galleon hedge fund.  First among these is billionaire Tamil-American Raj Rajaratnam, founder of Galleon, and convicted insider-trader.  In the next tier are his many insider informants, primaily Rajat Gupta and Anil Kumar, both prominent partners of McKinsey and Company, a management consulting firm.  Indeed, Gupta was three times elected global MD of McKinsey by his fellow partners, and thus the book has lots of fascinating information about The Firm and its operations, incidental to the main story.
Insider trading is a strange crime.  Surely most traders engaged in trading for its own sake (and not hedging some activity or transaction in non-financial markets) seek to take advantage of something they know that others don’t, even if it is just knowledge arising from more clever or faster analysis, or the knowledge that comes from aggregating views across multiple trades.   And who, exactly, are the victims here, since any trading requires a willing counterparty?    But even if insider-trading is not considered an evil, there is great dishonour in breaching confidences gained in positions of trust, and there seems little doubt that Rajaratnam’s informants did that.
An odd feature of the book, where so many prominent Indian Americans and South-Asian businesspeople are name-checked, is the failure to mention Praful Gupta.   As far as I am aware, the two Guptas were no relation, and met when they were fellow students at Harvard Business School.  Rajat Gupta, in a newspaper interview in 1994, said they became and remained very good friends.  While Rajat pursued a career with McKinsey, Praful became a management consultant and partner with Booz, Allen & Hamilton, and later a senior executive with Reliance Industries.
An annoying feature of the writing is the author’s repeated confusion about tense.   On page 217, for instance, we read, “In 2005, Lloyd Blankfein’s predecessor and former secretary of the Treasury Henry M. “Hank” Paulson Jr. had approached Gupta about joining the Goldman board of directors.”  But Hank Paulson only became Secretary of the US Treasury in 2006, where he remained until January 2009.   At the time this sentence was written by Raghavan in 2012 or 2013, Paulson was a former Treasury Secretary, but not in 2005, the time referred to at the opening of the sentence.   There are similar instances of inaccurate or confused tense on pages 257, 288, 347, and 362, and no doubt more that I did not catch.  These appear so frequently that one is tempted to consider them not mere lapses nor evidence of a non-grammatical linguistic style, but indicative of a more fundamental difference between the author’s conceptualization of time and that of most speakers of English. There are also a number of confusions or ambiguities of subject and object, and of deictic markers, in sentences throughout the text.

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