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Audiobook16 hours
The Billionaire's Apprentice: The Rise of The Indian-American Elite and The Fall of The Galleon Hedge Fund
Written by Anita Raghavan
Narrated by Dan Woren
Rating: 4 out of 5 stars
4/5
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About this audiobook
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 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.
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Reviews for The Billionaire's Apprentice
Rating: 4.149998 out of 5 stars
4/5
10 ratings1 review
- Rating: 4 out of 5 stars4/5A fascinating look at how a culture of greed and entitlement permeates Wall Street, where outperforming your competition by any means becomes the only goal, and nothing is allowed to get in the way. Anita Raghavan builds a page-turner story from the different threads that compose it, exposing the sheer arrogance, poor ethics and lack of remorse of the cast of characters involved. I wish that she had better followed up on some of the tantalizing leads - several others were also investigated and proceedings later dropped - it would have been good to know why that was so. In a twist that shows that truth can be stranger than fiction, how ironic that Sanjay Wadhwa, the SEC attorney who built the case against Galleon and Rajat Gupta, is himself a member of the South Asian diaspora, as is Preet Bharara (Manhattan US Attorney) who prosecuted them.As a member of that diaspora myself, I am angered and sorry that a few rotten apples have so tarnished the reputation of my community. As someone who was at Wharton with the characters depicted, I can't say that I am surprised at the actions of some - indeed, this is probably just the tip of the iceberg as far as white collar crime by clever, hungry and ambitious business school graduates is concerned. This book left me wondering at our society, which places so much value on money that people are willing to knowingly compromise themselves in its pursuit.