Insider Trading At Goldman Sachs (GS, PG, AMR)

On March 1, the Securities and Exchange Commission (SEC)

of insider trading. In September 2008, as a Goldman Sachs

director, Gupta was on a telephone meeting of the Goldman Sachs' board during a crisis. At the conclusion of that call, using the same line, Gupta contacted Raj Rajaratnam, founder of the Galleon Group hedge fund. Allegedly, Gupta revealed confidential news of Warren Buffett's $5 billion preferred stock investment. Rajaratnam purchased 300,000 shares of the preferred stock before markets closed. The next day, the stock soared after Buffett's announcement was made, and Rajatnam sold the stock for a $900,000 profit. Gupta also allegedly revealed financial results at Goldman Sachs and Proctor & Gamble

before they were publicly announced. Rajatnam was arrested in 2009 for insider trading allegations, supposedly making $50 million in profit off inside information, according to the

. Rajatnam will go on trial at the Manhattan Federal Court tomorrow, facing up to 185 years in prison if convicted. Gupta's lawyer has said "The SEC's allegations are totally baseless. Mr. Gupta has done nothing wrong and is confident that these unfounded allegations will be rejected by any fair and impartial fact finder." Gupta is still on the board of AMR Corporation

, the parent company of American Airlines. He is also the chairman of the advisory board for the Bill & Melinda Gates Foundation.