Galleon paid millions to Wall Street prime brokerages for ‘colour’
Galleon, the embattled hedge fund at the centre of an insider-trading scam, paid nearly $250m (€169.8m) last year to its Wall Street banks in exchange for confidential market information on developments such as big buy and sell orders, sources said, according to a report in the Financial Times.
Galleon, whose leading prime brokerages were Morgan Stanley and Goldman Sachs, is believed to have frequently received "colour" on market events in order to engage in its short-term trading strategies.
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