Rajat Kumar Gupta

born 2 December 1948) is an American businessman and philanthropist who was the Managing Director (chief executive) of management consultancy firm McKinsey & Company from 1994 to 2003. He was also a board member of corporations including Goldman Sachs, Procter and Gamble and American, as well as an advisor to non-profits such as the Bill & Melinda Gates Foundation and The Global Fund to Fight AIDS, Tuberculosis and Malaria. Additionally, he is the co-founder of the Indian School of Business, American India Foundation, New Silk Route and Scan dent Solutions. Career

McKinsey & Company

Gupta joined McKinsey & Company in 1973 as one of the earliest Indian-Americans at the consultancy. He was initially rejected because of inadequate work experience, a decision that was overturned after his Harvard Business School professor Walter J. Salmon called Ron Daniel, then head of the New York office and later also the managing director of McKinsey, wrote on Gupta's behalf.[5]

Outside McKinsey & Company

In 1997 Gupta co-founded the Indian School of Business (ISB) with friend and fellow senior partner Anil Kumar. The school was ranked number 13 in the world by The Financial Times in its "Global MBA Rankings 2011".[18] Gupta and Kumar have both since resigned as chairman and executive board director respectively.

Bernard Madoff
"Madoff" redirects here. For other people with the same surname, see Madoff (surname). Bernard Lawrence "Bernie" Madoff (/medf/;[3] born April 29, 1938) is an American convicted of fraud and a former stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market,[4] and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history.[5] Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.[6][7] The firm was one of the top market maker businesses on Wall Street,[8] which bypassed "specialist" firms by directly executing orders over the counter from retail brokers.[9] He employed at the firm his brother Peter, as Senior Managing Director and Chief Compliance Officer; Peter's daughter Shana Madoff, as the firm's rules and compliance officer and attorney; and his sons Andrew and Mark. Peter has since been sentenced to 10 years in prison[10] and Mark committed suicide by hanging exactly two years after his father's arrest.[11][12][13] On December 10, 2008, Madoff's sons told authorities that their father had confessed to them that the asset management unit of his firm was a massive Ponzi scheme, and quoted him as describing it as "one big lie".[14][15][16] The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission(SEC) had previously conducted investigations into Madoff's business practices, but had not uncovered the massive fraud.[8] On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of

dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s, and those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed. Madoff was chairman of Bernard L. Madoff Investment Securities LLC from its startup in 1960 until his arrest on December 11, 2008.[6] The firm started as a penny stock trader with $5,000 ($39,000 today) that Madoff earned from working as a lifeguard and sprinkler installer.[35] He further secured a loan of $50,000 from his father-in-law which he also used to set up Bernard L. Madoff Investment Securities LLC. His business grew with the assistance of his father-in-law, accountant Saul Alpern, who referred a circle of friends and their families.[36] Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets. In order to compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate its quotes.[37] After a trial run, the technology that the firm helped develop became the NASDAQ On March 12, 2009, Madoff pled guilty to 11 federal felonies, including securities fraud, wire fraud, mail fraud, money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC

Kenneth Lay
Kenneth Lee "Ken" Lay (April 15, 1942 July 5, 2006) was an American businessman. He played a leading role in the corruption scandal that led to the downfall of Enron Corporation. Lay and Enron became synonymous with corporate abuse and accounting fraud when the scandal broke in 2001. Lay was the CEO and chairman of Enron from 1985 until his resignation on January 23, 2002, except for a few months in 2000 when he was chairman and Jeffrey Skilling was chief executive officer (CEO). On July 7, 2004, Lay was indicted by a grand jury on 11 counts of securities fraud and related [1] charges. On January 31, 2006, following four and a half years of preparation by government prosecutors, Lay's and Skilling's trial began in Houston. Lay was found guilty on May 25, 2006, of 10 counts against him; the judge dismissed the 11th. Because each count carried a maximum 5- to 10-year [2] sentence, legal experts said Lay could have faced 20 to 30 years in prison. However, he died while vacationing in Snowmass, Colorado, on July 5, 2006, about three and a half months before his scheduled [3] October 23 sentencing. Preliminary autopsy reports state that he died of a heart attack caused by coronary artery disease. As a result of his death, on October 17, 2006, the federal district court judge [4][5] who presided over the case vacated Lay's conviction. There have been conspiracy theories [6] surrounding his death.

Career
Lay worked in the early 1970s as a federal energy regulator. He then became undersecretary for the Department of the Interior before he returned to the business world as an executive at Florida Gas Transmission. By the time energy was deregulated in the 1980s, Lay was already an energy company executive and he took advantage of the new climate when Omaha-based Internorth bought his company Houston Natural Gas and changed the name to Enron in 1985. The much larger, better capitalized and more diversified Internorth was then used as an asset to propel his efforts at Enron. He also was a member of the board of directors of Eli Lilly and Company. Lay was one of America's highest-paid CEOs, earning a $42.4 million compensation package in [8] 1999. Lay dumped large amounts of his Enron stock in September and October 2001 as its price fell, while encouraging employees to buy more stock, telling them the company would rebound. Lay liquidated more than $300 million in Enron stock from 1998 to 2001, mostly in stock options. As the scandal unfolded, Lay insisted he wanted to "tell his story," but later reneged on a promise to testify to [9] Congress, taking the Fifth instead. Cond Nast Portfolio ranked Lay as the 3rd worst American CEO of [10] all time. Lay had been married to his second wife and former secretary, Linda, for 22 years and had two children, three stepchildren, and twelve grandchildren