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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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.
The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund, by Anita Raghavan - Amazon Sales Rank: #204142 in Books
- Brand: Raghavan, Anita
- Published on: 2015-06-02
- Released on: 2015-06-02
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.33" w x 6.00" l, .0 pounds
- Binding: Paperback
- 512 pages
The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund, by Anita Raghavan Review "Thanks to author Anita Raghavan's intrepid reporting, THE BILLIONAIRE'S APPRENTICE combines the drama of the federal government unraveling an insider trading ring with the historical sweep of immigrants rising from nothing to the corridors of corporate power."―Bethany McLean, co-author of the bestsellers The Smartest Guys In the Room and All the Devils Are Here"Anita Raghavan's journalistic and writing skill comes through on every page of THE BILLIONAIRE'S APPRENTICE. I couldn't put it down; it's a true story that reads like a thriller."―William D. Cohan, bestselling author of The Last Tycoons, House of Cards, and Money and Power "THE BILLIONAIRE'S APPRENTICE is that rare work of nonfiction that follows an ambitious hero as he climbs to the pinnacle of power inside the top boardrooms of corporate America, gets seduced, and falls in a spectacular insider trading scandal. This is a modern-day Greek tragedy that plays out among the upper echelons of Wall Street, Silicon Valley, and the global business elite. Doggedly reported and utterly compelling."―Bryan Burrough, bestselling author of Barbarians at the Gate and The Big Rich"Raghavan excels with her account . . . She provides an insightful account of South Asian immigration to the U.S. since the 1960s and shows how relations established in India's elite education system provided some of the ties that bound the conspirators together."―Kirkus"Through meticulous research, copious history, vivid characters, and entertaining prose, Raghavan weaves together many different worlds, eras, and personality types to deliver a compelling view of the multi-cultural politics of today's Wall Street."―Huffington Post"Riveting."―Bloomberg"The best form of journalism, an early draft of history."―The New York Times Book Review"Anita Raghavan's THE BILLIONAIRE'S APPRENTICE [is] a riveting account of the takedown of Raj Rajaratnam...[Ms. Raghavan] has written a briskly paced account full of fascinating detail...this book deserves to be on the shelf of anyone lusting after a little Wall Street schadenfreude this summer."―Wall Street Journal"[a] deeply researched, fascinating and well-written book."―Financial Times"In THE BILLIONAIRE'S APPRENTICE Raghavan provides readers with the best account yet of Rajaratnam and his Indian American 'mafia' - who they were, what they did and how they did it."―Washington Post
About the Author Anita Raghavan was born in Malaysia but came to the United States as a young girl. She attended Cheltenham Ladies College in England. A graduate of the University of Pennsylvania, she spent 18 years at The Wall Street Journal and became the London Bureau Chief for Forbes in 2008. Currently she is a contributor to New York Times Dealbook and Forbes.
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Most helpful customer reviews
52 of 55 people found the following review helpful. A high octane thriller By Srikumar S. Rao This is not a novel but it is every bit as gripping as any thriller you are likely to pick up.It was just a question of time before someone wrote a book about these historical business events and Anita Raghavan just happened to be the first. I am sure that there will be other books, possibly many other books but they will have a high bar to cross because Raghavan's book is so darn good - meticulously researched and compellingly written.There is no doubt that the business events discussed are highly significant. The former head of the world's premier consulting firm, who was on the board of many blue chip firms including the pre-eminent financial juggernaut, freely giving privileged information to a shady hedge fund operator - this is not an everyday scenario. Or maybe it is but it was certainly a deep secret and no other comparable case has surfaced as yet.This is an important business story by any yardstick. But there is a sub-text - many of the principals came from India, Pakistan, Sri Lanka and Bangla Desh so it also a story of South Asians and how they have risen from obscurity and hard-scrabble roots to the very top of establishment America. I am South Asian myself so this resonated deeply in a bitter sweet way. Yes, those convicted were South Asian, but so were those who prosecuted them and held them legally accountable for their transgressions. A true tale of immigrant progress.Raj Rajaratnam, a scrappy Sri Lankan born trader, started a hedge fund called Galleon Group and built it into one of the world's biggest and most influential. He managed billions of dollars and became a billionaire himself. He also lived the high life with private jets flying important customers to choice Super Bowl seats and exotic paid ladies at orchestrated events. For more on this see "The Buy Side" by Turney Duff. His enormous success owed much to a network of informers who fed him confidential information that he used brilliantly to juice his outsize returns. Rajaratnam had strong street smarts and a penetrating insight into human foibles that he used to ruthlessly manipulate persons.For example, Anil Kumar was a McKinsey Director and former classmate at Wharton. McKinsey directors live well but don't own private islands and helicopters to take them there. Rajaratnam commiserated with Kumar about his inadequate compensation, extolled his acumen and analytical abilities and then paid him a million dollars to make use of his "skills". This money was funneled through a foreign bank account in the name of his housekeeper - an arrangement both flimsy and illegal and this came back to haunt Kumar. Gradually it became clear to Kumar that the "skills" Rajaratnam needed was the information he was privy to in his capacity as a McKinsey consultant. He balked, but by them he had accepted the money and the trap was sprung and he started coughing up the information sought.The grand panjandrum was Rajat Gupta the thrice elected global head of consulting giant McKinsey who was perhaps one of the most respected executives in the world. He was on the board of Goldman Sachs, Procter & Gamble, American Airlines and firms of that caliber. The CEOs of both Gillette and P & G have said that the merger of the two firms would not have happened without mediation by Gupta who was both liked and trusted by both sides. He was very wealthy, but not wealthy beyond the dreams of avarice. Full disclosure: Rajat Gupta was a guest speaker at my course in Columbia Business School and what he said was so honest and inspirational that I also invited him to speak at my class at London Business School. He outlined a view of business behavior that resonated deeply with students and that I believe business badly needs. I am still struggling to reconcile what he said and his career at McKinsey with what he was accused - and convicted - of doing later.Rajat Gupta started several ventures with Rajaratnam some of which were successful and some which were not. Wire taps on Rajaratnam's phone showed that Gupta called him seconds after important board meetings - such as at the time of financial turmoil when Warren Buffet agreed to invest five billion dollars in Goldman. Rajaratnam's firm then made significant and highly profitable trades. A lot of circumstantial evidence but enormously strong and convincing to the jury which convicted him.Rajat did enormous good in many fields and was the force behind the Indian School of Business - one of the premier business schools in India. He was the iconic role-model of many Indians including those like Sanjay Wadhwa who, as deputy chief of the SEC's Market Abuse Section, investigated and built the case against him. Quite possibly Gupta also paved the way for South Asians like Preet Bharara, the US Attorney for the Southern District of New York, to reach the high positions they occupied. Bharara was the one who eventually convicted Gupta.Raghavan takes a Ken Follett approach in her book. If you read "Eye of the Needle" you will recollect that it goes back and forth in time and gradually ties all the characters together. Similarly Raghavan begins with a White House dinner for the visiting Indian Prime Minister, goes back to colonial India and Gupta's father's role in the freedom struggle, back to the US and Gupta's legal travails, back to India during the turmoil and bloodshed of partition and how Wadhwa's parents were caught up in it and so on. I just happen to like this approach and found that Raghavan converted a tale of high level business chicanery into a gripping narrative.The unanswered question is WHY? Why did Gupta, as accomplished and successful an executive as you can find, consort with persons of the ilk of Rajaratnam and readily give away confidential information?Rajaratnam's brother Rengan was quoted in the press as saying "For years these guys were sitting around in sports clubs and exchanging information. That wasn't a crime. And now we immigrants do the same thing and it is?" Presumably Rajaratnam believes this. Does Rajat Gupta also believe it?We do not know much about the rarefied circles in which Rajat mingled so comfortably. Was his behavior the outlier? Or the norm and his misfortune was that he got caught?I am waiting for the book that will shed light on this.
11 of 13 people found the following review helpful. A morality play on greed and akrasia By Amazon Customer [ASIN:1455504025 The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund] This is a meticulously investigated and researched and imaginatively written book that takes us deep into the heart of insider trading on Wall Street. Featuring the rise of the South Asian community in the United States and the fall of the Galleon hedge fund, which took down two iconic figures and a colourful cast of supporting players drawn to insider trading in unexpected and strange ways, it can be read as a morality play on greed and akrasia. On the other side stand the antagonists, the unbending enforcers of the rule of law, who include key South Asian players with life stories as interesting as those of the law-breakers. I found the characterization of the main actors, and even of some of the bit players, strong and the depiction of varied motives persuasive. Several other themes, such as the Indian freedom struggle, talent, early hardship, hard work, and success, come together in a drama that has a startling ending. I won't spoil it for other readers by even hinting at what this might be. A very worthwhile read.
8 of 10 people found the following review helpful. A Thriller on Insider Trading - "The Fall of the Galleon Hedge Fund" By Jim Campbell, Host of Nationally Syndicated - "Business Talk with Jim Campbell" "The Billionaire's Apprentice: The Rise of the Indian-American Elite and The Fall of the Galleon Hedge Fund" by former Wall Street Journal reporter Anita Raghavan belongs in an elite category of Wall Street exposes that I call: "You Cannot Put It Down" - along with: James Stewart's - "Den of Thieves" (about Ivan Boesky and Michael Milken); Bryan Burrough & John Helyar's - "Barbarians at the Gate" (about the takeover of RJR Nabisco); Michael Lewis' - "Liars Poker" (about the trading culture at Salomon Brothers); William D. Cohan's - "House of Cards" (about the fall of Bear Stearns); and Lawrence McDonald's - "Colossal Failure of Common Sense" (the inside story of the death of Lehman Brothers). Trust me, that is good company; and, Raghavan's book has just been longlisted for the coveted "FT-Goldman Sachs Business Book of the Year".The book is a thriller as the Feds move in on billionaire hedge fund manager Raj Rajaratnam, owner of the Galleon Hedge Fund and his accomplice, the ultimate insider, Rajat Gupta - the first foreign born CEO of the prestigious management consulting firm: McKinsey. Raghavan masterfully weaves the rise and fall of the two within the context of the rise of the Indian-American elite - which includes the pair of insider traders' nemesis who nailed them: U.S. Attorney for the Southern District of New York - Preet Bharara. The brazen insider trading of Rajaratnam is captured on wiretaps that are laid out in the book.The book is particularly timely as Rajaratnam's "MO" of sucking insider information out of a network of sleazy intermediaries who insinuate themselves with corporate insiders is strikingly similar to the latest victim of Bharara - SAC Capital and "Stevie" Cohen. What Raj and Stevie call "a mosaic" of information, coupled with "window dressing" research departments, is really a thinly veiled MO for trading on material non-public information - the legal definition of insider trading. When Rajat Gupta leaves a Goldman Sachs Board Meeting and calls Rajaratnam within 23 seconds of the meeting end with inside information and Raj then trades on it minutes before the close of the market, selling $25-million of Goldman shares in advance of the public learning of disappointing quarterly earnings, it's no surprise that Raj is now serving 11 years in prison.If you want to read a thriller as the Feds move in on insider trading; understand how the trading of insider information works in the hedge fund community and learn a fascinating history of the meteoric rise of the Indian-American elite, this is your book. I promise you will not be able to put it down. You may need to take a shower though after all the bad behavior. Raghavan is part of that "rise of the Indian-American elite" having written what will become a Wall Street classic in her first book.Listen here to Anita Raghavan's interview on my radio show - "Business Talk with Jim Campbell" - Sundays from 10-11am & 10-11pm EST on the Business Talk Radio Network:[...](Copy the link into your browser)
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