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new york shock exchange

Fatal G2 error

Here's the error from G2:
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  • in modules/core/classes/GallerySession.class at line 340 (GallerySession::_acquireNewPersistentSession)
  • in modules/core/classes/GalleryEmbed.class at line 801 (GallerySession::start)
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  • in /home/newyorks/public_html/templates/nysx2/index.php at line 127
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Rajaratnam - Tiger Woods of Insider Trading ... Get'em Tiger
In what is being described as the largest insider trading ring in a generation, six people were charged in October (I know, it's been a while ... work with me here) of trading inside information to profit on Google and other big-name stocks.  At the center of the scandal is Raj Rajaratnam, founder of Galleon Group, a New York-based hedge fund that at the time managed $3.7 billion.  A native of Sri Lanka, Raj spent years carving out a reputation as a meticulous investor in technology stocks.  He also prided himself with the speed at which he could make decisions on complex issues and on his ability to gather information that competitors were not privy to.  The above picture shows Mr. Rajaratnam being led away from his apartment in handcuffs by the FBI.  He was later charged with conspiracy to commit securities fraud, with bail set at $100 million, a fraction of his estimated $1.5 billion fortune. 

Relying on phone wiretaps, the criminal complaint described a period from 2006 to 2008 when Mr. Rajaratman, working closely with Danielle Chiesi of New Castle Partners LLC, swapped potential stock-moving information in stocks like IBM and Akamai Technologies.  Others charged in the case include: (i) Robert Moffat, 53, an executive at IBM, (ii) Rajiv Goel, 51, an executive in the treasury department at Intel, (iii) Anil Kumar, 51, a director at management consulting firm McKinsey & Co., (iv) Mark Kurland, 60, of New Castle Partners, LLC, and (v) Danielle Chiesi, 43, portfolio manager at New Castle.  

Galleon Imploding?

The Wall Street Journal went on to report that Mr. Rajaratnam recorded average annual returns of 21% for Galleon's largest fund, outperforming the S&P 500 index during that time.  Galleon once oversaw more than $7 billion but performance declined in 2008 and the suffered withdrawals.  Shortly after the arrest of Mr. Rajaratnam, clients representing approximately $1.7 billion in assets under management (AUM)  requested to withdraw their funds.  Galleon's clients include university endowments such as Colgate University and fund-of-funds firm Rochdale Investment Management ($2 million in AUM).  Merrill Lynch and Barclays PLC also declined to take securities positions with Galleon out of fear that their assets could be frozen as part of the insider trading probe.  Remember back in September when I disclosed the implosion of Cerberus here http://clicky.me/47j, and asked who was next?  I guess I just got my answer.  Here is the full Wall Street Journal article: http://clicky.me/7Gs


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