Prosecutors in effect previewed their case against Gupta at the Rajaratnam trial. Rajaratnam was convicted last year and is serving an 11-year prison sentence, the longest insider trading sentence in history.
Jurors in that case heard testimony that at an Oct. 23, 2008, Goldman board meeting, members were told that the investment bank was facing a quarterly loss for the first time since it had gone public in 1999.
Prosecutors produced phone records that they said show Gupta called Rajaratnam 23 seconds after the meeting ended, causing Rajaratnam to sell his entire position in Goldman the next morning, saving millions of dollars. Also played at trial was the tape of the hedge fund manager grilling Gupta about whether the Goldman Sachs board had discussed acquiring Wachovia or an insurance company.
Prosecutors sought to maximize the impact of the Gupta tape by calling Goldman Sachs chairman Lloyd Blankfein to testify that the phone call violated the investment bank's confidentiality policies. Prosecutors say Blankfein will return to the stand at Gupta's trial.
Prosecutors also said Monday that they planned to call Bill George, a Harvard Business School professor who serves on Goldman's board, as a witness.
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