🍋 Goldman VP Gets 3-Year Sentence

Goldman banker got sentenced to 3 years in prison for giving $280M insider trading secrets to squash buddy, plus latest in Ivy League endowment brawl.

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Good Morning! Princeton’s endowment got rekt, and in the latest move in the elite university arms race, they poached an MIT money manager to lead their $34.1 billion fund. WeWork officially filed for bankruptcy late last night. Private credit giants like Apollo and Ares are butting heads and facing limits on who they can buy from. Fortune 500 companies say consumer demand is weakening this quarter. OpenAI dropped its powerful GPT-4 Turbo update and ChatGPT hit 100 million weekly users, only a year after launch.


Goldman VP Gets 3-Year Sentence

The only things certain on Wall Street are death, taxes, and Goldman VPs hooking their buddies up with insider information.

​Brijesh Goel got caught red-handed passing secrets along to his squash buddy and graduate school friend, Akshay Niranjan, a trader at Barclays. Goel and Niranjan agreed to split the profits from their trading.

Between 2017 and 2018, Goel tipped Niranjan on at least six deals in which Goldman Sachs was involved, yielding total ~$280k.

Goel, 39, was sentenced to 3-years in prison, and will also have to pay a $75k fine and forfeit $85k, his cut of the illicit profits. Goldman is also seeking $393k from Goel for legal expenses.

The details of Goel and Niranjan’s close relationship, including drug use and music festivals, heightened the drama of the trial, where Niranjan was the prosecution’s star witness against his ex-friend. In one of the matches, Goel apparently came to the squat courts straight from a bar after having a few drinks.

Takeaway: There’s definitely some drama between the two squash buddies. Niranjan cooperated with the Feds, and recorded conversations where Goel asked him to delete texts regarding the stock tips. But Goel claims this was all part of a setup. Regardless of what really went down - be careful what you tell your buddies during a match of drunk squash.


Markets Rundown

Stocks closed higher and notched longest winning streak since January.

Movers & Shakers

  • (+) Constellation Energy ($CEG) +7% after raising its earnings guidance for the year.

  • (–) Paramount ($PARA) -8% after a double downgrade by Bank of America.

  • (–) Dish Networks ($DISH) -37% after missing on both top and bottom lines.

Private Dealmaking

  • Bain Capital will pay $5.3 billion for Guidehouse, a consultancy firm 

  • Hilton Grand bought Bluegreen Vacations for $1.5 billion

  • Aleph Alpha, a German AI startup, raised $500 million

  • Travelers bought Corvus, a commercial insurance products provider, for $435 million

  • Abridge, a clinical documentation platform, raised $30 million

  • Agnikul, a small-lift launch vehicles developer, raised $26.7 million


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Top Reads

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  • Citi considers deep job cuts for ‘Project Bora Bora’ (CNBC)

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  • Apple is a bank rather than a technology company (Fox)

  • Audax countersues rival private equity firm H.I.G. Capital (Axios)

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  • Stocks just had their best week of the year (Axios)


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Cost of Attending an NBA Game, 2023

Includes 4 tickets (cheapest available), four hot dogs, two 16 oz. beers, two 20 oz. sodas and a parking spot

Source: Axios


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