McKinsey Employee Pleads Guilty in Galleon Case

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Anil Kumar, the former McKinsey director accused of leaking information to the Galleon Group's Raj Rajaratnam, has pleaded guilty to one count of securities fraud and one count of conspiracy. According to DealBook, Kumar, who once recorded a jubilant Bollywood-style anthem about his work in research and information, choked up and teared as he recounted being paid by Rajaratnam to provide him with inside information. In a statement, he apologized to his colleagues "for the shame they have suffered." [DealBook/NYT]