Here's what lies ahead for Rajat Gupta, reports the Economist. Gupta was handed out a two-year jail term and a fine of US$ 5 million for insider trading.

In terms of Mr Gupta's immediate fate, an appeal will be filed on four grounds, three tied to testimony that Judge Rakoff blocked from being heard, and one stemming from wire-taps that Mr Gupta's legal team claim were inadmissible.

The missing testimony encompassed character witnesses, information about Mr Gupta's soured relationship with Mr Rajaratnam, and, most intriguingly, the potential role of another person at Goldman who could have provided insider information.

None of the claims, ruled Judge Rakoff, were strong enough to delay incarceration, which he scheduled for January 8th. Delays in the appeals court makes it highly unlikely that the case will be heard before Mr Gupta's time is served.