Rajat Gupta does not deserve jail for an ill-defined crime

On 8 January 2013, Rajat Gupta, former head of McKinsey & Co, will go to jail for two years and pay a fine of $5 million after being convicted for insider trading. His basic crime was not that he made money from insider information, but that he passed information on to Raj Rajaratnam, who was convicted earlier in October 2011, and began his 11-year prison sentence the following month. Only one part of the two sentences – the financial penalties – makes any sense, for insider trading is actually an esoteric, victimless crime.

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