 The Wild Wild World of Wealth |  |
Galleon, the SEC, and Wall Street’s behavior will dominate financial news for months to come. But what about the people in the trenches, the stockbrokers and sales assistants that slog through their days outside the public’s view? What is their world like?
Galleon invested in high-tech businesses, which build chips and other gizmos that enable information to “travel at the speed of light.” In doing so, the hedge fund sewed the seeds of its own demise. Its portfolio companies manufacture products that 1) negate the long-term value of insider information and 2) make it more difficult to obtain.
You can’t make this stuff up.
The FBI is investigating two employees at the SEC for insider trading. To put this investigation into the proper context, let’s flip to the SEC’s website where the agency explains what they do. And I quote:
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