Oktober 14, 2015
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The Billionaire's Apprentice: The Rise of the Indian-American Elite and the Fall of the Galleon Hedge Fund
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Product details
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Audible Audiobook
Listening Length: 16 hours and 33 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Hachette Audio
Audible.com Release Date: July 1, 2013
Whispersync for Voice: Ready
Language: English, English
ASIN: B00DQRMN4U
Amazon Best Sellers Rank:
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.
The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge FundAnita Raghavan wordsmiths away any sympathy you might feel for her subjects, a small fraction of the “twice blessed†Indian-American elite immigrants who made their way into the United States since the passage of the Hart-Cellar Act in 1965.In almost every other immigrant context Anita would be telling a story of group privation and frustration based on the treatment many an immigrant group faced on arrival in America: racial-ethnic stereotyping, limited access to good jobs or good pay, quota delimited admission to America’s most elite colleges and universities, subtle winks, nods, epithets of condescension heard even today, “Is your family in the mafia?â€, et al.Not this group. They had it all when they arrived on our shores: high educational achievement, classical educations/English fluency, family wealth or support, confidence, superior minds. To attend Anita’s video as a hand crafted, beautifully-written history of this group IM by IM, email by email, wire-tapped call by wire-tapped call, memo by memo, tawdry plea deal by tawdry plea deal, is to watch crumble the almost mystic belief among many in corporate management that this group had exceptional powers.Instead, a small fraction of this elite group headed in the direction of lavish self-delusion. What ensued were machinations in close parallel to Bernard Madoff’s schemes but in reverse. In The Billionaire’s Apprentice the self-delusion required by greedy investors to believe Madoff was real was self-inflicted by a few individual members of the Indian-American elite on themselves. Thievery is thievery. Stealing is stealing. Self-delusion is self-delusion.The Galleon Hedge Fund case with its web of implicated accomplices re-tells a story we have heard many times. The falling knife of irony that draws us to Anita’s storytelling begins its descent in the halls of America’s iconic institutions of higher learning (think Harvard, MIT), within the board rooms of her iconic companies (think Goldman Sachs, Proctor & Gamble, with the trappings of American politico-economic power (think befriending Bill Clinton, hiring Chelsea Clinton at McKinsey), and ends as tragically as an attempt to catch that falling knife. But this time highly educated South-Asians, not locker-room jokers, take apart America’s exceptionalism as easily as some of our own take apart the dignity of government service (think Justice Antonin Scalia’s open Supreme Court seat being used as a political pin-cushion immediately after his death and before his family could have a few days to mourn).So why does Anita strike such a chord of sadness in us when describing the actions of a few bad apples? A chord that compels us to read on and on? Is it the height from which the knife-fall occurs? The ethnic makeup of the protagonists and their upright prosecutors? The rapidity of the ascent to rock stardom? The rapidity of descent to rock breaker? Or the beauty of the language of the “Prologue: The Twice Blessedâ€?It’s all in the beauty. Group success as South Asians have taken their place, as immigrant groups before them, Anita avers, is evinced by overwhelming successful and upright members.Her certainty that stereotypes do not bedevil those preceding immigrant groups, as well as South Asians, eludes me.The vibrant colors of India’s flag adorn the cover of The Billionaire’s Apprentice, but in “portraitâ€, not as in India’s flag’s “landscape†design, another one of her ironies? Probably not.
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