BODY OF EV­I­DENCE

India Today - - THE BIG STORY -

EX­CERPT 1

( Ref­er­ence to Wa­chovia dis­cus­sion at Gold­man Sachs board meet­ing) Raj Ra­jarat­nam ( RR): When you are… Um, I called you be­cause I am meet­ing with Gary Cohn on Thurs­day. Rajat Gupta ( RG): Yeah. RR: And there’s a ru­mour, that Gold­man might look to buy a com­mer­cial bank. RG: Uh- hum. RR: You know? And you know this guy Bob Steele, who was a se­nior guy at Gold­man, was un­der- sec­re­tary. RG: Yeah. At Wa­chovia. RR: … at Paul­son and went to Wa­chovia and they have a large de­mand, de­posit base. RG: Yeah. RR: Have you heard any­thing along that line? RG: Yeah. This was a big dis­cus­sion at the board meet­ing. RR: Uh- hum. RG: Uh, on whether we, uh… RR: Buy a com­mer­cial bank? RG: Buy a com­mer­cial bank. And, you know it was a uh, di­vided dis­cus­sion in the board.

EX­CERPT 2

( Ref­er­ence to AIG dis­cus­sion at Gold­man Sachs board meet­ing) RG: If Wa­chovia was a good deal and they, you know, it’s quite con­ceiv­able they’d come and say let’s go buy Wa­chovia. RR: Or even AIG, right? RG: Or even AIG. Yeah. RR: Uh- hum. RG: A, AIG, it was def­i­nitely on, in, in, in, the dis­cus­sion…

EX­CERPT 3

( Ref­er­ence to for­mer Mckin­sey ex­ec­u­tive Anil Kumar) RR: And I, you know, hon­estly, Rajat, I’m, giv­ing him ( Anil Kumar) a mil­lion dol­lars a year for do­ing lit­er­ally noth­ing. Just be­cause… RG: I know, your be­ing… I think your ( sic) be­ing very gen­er­ous. RR: Yeah, but you know I, some­times… RG: But he should some­times say thank you for that, you know? RR: Yeah but he’s never ever said, I mean, look he is my friend so, take it with that spirit, right?

RG: Yeah. Yeah, I, I… RR: But he just seemed uh, I don’t know what, he just seemed, I don’t think he’s, I mean that’s why I asked you, uh, I’ve never seen him laugh and be re­ally happy, you know? RG: Yeah, be­cause… RR: He is con­stantly, sche... not schem­ing, but con­stantly try­ing to fig­ure out what other peo­ple’s an­gles are. RG: Right. RR: And then he seems to know what ev­ery­body else is worth, you know he leads with,“Oh, Su­nil Mit­tal is worth 20 bil­lion dol­lars”, you know, when he starts think­ing like that… RG: Yeah.

EX­CERPT 4

( Rajat Gupta asks for Ra­jarat­nam’s ad­vice on an of­fer from pri­vate eq­uity firm KKR) RG: Do, do you, do you have two more min­utes? RR: Yes. Of course. RG: First I wanted to get your straight opin­ion on whether uh, I think, you think I should do this KKR ( ear­lier Kohlberg Kravis Roberts) thing, and sec­ond I want to tell you about what I learned kind of maybe the deal he’s gonna of­fer me. RR: Right. RG: Which I want to bounce off you, if you, first I mean. You know, do you, do you re­ally feel in the gut that given ev­ery­thing it’s a good thing to do? RR: I think so. I think if you do it in a way, see right now I think ev­ery­body ex­pects you to spend 100 per cent of your time, other than char­ity, on New Silk Route, right? RG: That should not, a full… RR: Or 40 per cent or 50 per cent. RG: 40. RR: And I think you have to just kill that right away. Right? RG: Yeah. RR: And say that your value added is not to do with cash flows, that your value added is to bring peo­ple and deals to­gether, at the right time make the call. You know, like the old mer­chant bankers? RG: And that’s ex­actly what I’ve been do­ing.

RAJARARAJARATNAM

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