All the good stuff on Galleon is coming out after Raj Rajaratnam and several others were criminally charged with insider trading by the SEC this morning.
Galleon was what I refer to as a datapoint hedge fund (as distinct from long-term value investing, technical trading, quant, risk arb, CTAs, etc.). They probably called themselves event driven long/short or some BS description like that, but in reality they were trying to gain a near-term information edge and use it to make assessments about whether a company will beat or miss, etc. This is perfectly legal, but if pursued too aggressively can easily lead you to a hazy line (or beyond, as alleged in Galleon's case).
Anyway, apparently Raj commissioned a rap song about Galleon. Lord willing Raj expensed this to the fund too. We hope against hope...
[Hat tip: CK]
