It cited the September 23, 2008 phone call Gupta made to Rajaratnam just minutes after getting off a Goldman board meeting during which he had learned that billionaire Warren Buffett was about to invest $5 billion in Goldman. It also cited the call Gupta made to Rajaratnam on October 23, 2008, again just minutes after learning in a Goldman Sachs board-of-directors conference call that Goldman would report a quarterly financial loss, a first in its history as a public company. Rajaratnam traded on the basis of this confidential information, avoiding losses and making profits in the millions.