On October 22, 2009
Regulators Will Need A Solid Case To Sink Galleon’s Founder
For Galleon Group, a hedge fund firm whose lead portfolio manager has been accused of insider trading, the water just kept rising too fast around the ship’s decks. But it is the regulators who are under pressure from an increasingly incensed public that ought to be careful how the game ultimately pans out. This morning, media outlets reported that Raj Rajaratnam’s $3.7 billion healthcare and technology-focused hedge fund empire was pursuing “an orderly wind down” of its various funds. Rajaratnam, a fund manager who was accused last week by federal prosecutors of conspiring with five other senior executives in a Silicon Valley-linked insider trading ring, is currently out on $100 million bail. It’s an odd case for regulators to bring…
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