• Prison

    The Myth of Club Fed

    For those who refer in cavalier fashion to white-collar convicts and “Club Fed,” consider this New York Times article on Raj Gupta’s federal prison experience:¬†Onetime Allies on Wall Street Have Uneasy Prison Reunion After Insider Trading Trials.¬† In particular: In their heyday, Raj Rajaratnam and Rajat K. Gupta were business partners who lent each other a helping hand. The two men were very different. Mr. Rajaratnam was a high-rolling hedge fund manager who loved to take risks, while Mr. Gupta was a consultant educated at Harvard Business School who worked all his life at one firm, McKinsey & Company. Years after their closely watched insider trading trials and two of…

  • Prison

    Qwest’s Joe Nacchio, Club Fed, the NSA and “Rub it on your chest”

    Here’s a short, interesting article about Qwest’s Joe Nacchio and his release from prison A couple of takeaways:               (1) There is no longer a “Club Fed” for white-collar inmates — if in fact there ever was one.¬† Deprivation of liberty is still prison; isolation from your family is still painful; and being vulnerable is still scary. (2) Although it’s possible that the Government prosecuted Nacchio because he refused to turn over Qwest customer information to the NSA, it’s not likely (although it would be a side benefit, if there was already an investigation rolling). (3) His advice is sound for most businesspeople: Mr.…