{"id":1735,"date":"2009-10-29T15:56:04","date_gmt":"2009-10-29T19:56:04","guid":{"rendered":"http:\/\/club.ino.com:80\/trading\/?p=1735"},"modified":"2009-10-29T16:19:03","modified_gmt":"2009-10-29T20:19:03","slug":"galleon-paid-millions-for-inside-information-financial-news","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2009\/10\/galleon-paid-millions-for-inside-information-financial-news\/","title":{"rendered":"Galleon Paid Millions For Inside Information - Financial News"},"content":{"rendered":"

Galleon hedge fund\u2019s owner Raj Rajaratnam was charged with insider trading. It paid around $250 million to its banks this decade. Morgan Stanley (NYSE:\u00a0MS)<\/a> and Goldman Sachs (NYSE:\u00a0GS)<\/a> were Galleon\u2019s foremost hedge-fund service providers.<\/p>\n

Galleon\u2019s short term trading strategies had it pay huge amounts to banks. Its employees also had to remain in close contact with salespersons and traders at Wall Street. Large buy and sell orders, important market developments and discussions on \u201cone page sellers\u201d of shares became common place with its officials, all such information sharing prohibited by the bank policies.<\/p>\n

As a Goldman Sachs executive rightly puts it, \u201cThey cared about short-term returns and cared a lot about the impact of their trading and the costs. They expected a lot of market information.\u201d But a leak of corporate information seems to be more of a reason for prosecution than is market information sharing. The case may change the face of high-velocity hedge fund trading for a while, say many a hedge fund owners.<\/p>\n

---<\/p>\n

Article Courtesy of Bezina.com. To view the original article please use the link below:
\n http:\/\/www.benzinga.com\/markets\/company-news\/32323\/galleon\u2019s-scandal-may-send-a-chilling-effect-on-market-\u201ccolor\u201d<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Galleon hedge fund\u2019s owner Raj Rajaratnam was charged with insider trading. It paid around $250 million to its banks this decade. Morgan Stanley (NYSE:\u00a0MS) and Goldman Sachs (NYSE:\u00a0GS) were Galleon\u2019s foremost hedge-fund service providers. Galleon\u2019s short term trading strategies had it pay huge amounts to banks. Its employees also had to remain in close contact […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2624,2625,2623,989,988],"class_list":["post-1735","post","type-post","status-publish","format-standard","hentry","category-general","tag-galleon","tag-galleon-scandal","tag-galleons","tag-goldman-sachs","tag-morgan-stanley"],"yoast_head":"\nGalleon Paid Millions For Inside Information - Financial News - INO.com Trader's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2009\/10\/galleon-paid-millions-for-inside-information-financial-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galleon Paid Millions For Inside Information - Financial News - INO.com Trader's Blog\" \/>\n<meta property=\"og:description\" content=\"Galleon hedge fund\u2019s owner Raj Rajaratnam was charged with insider trading. 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