The Galleon Group said Friday that it “continues to operate and is highly liquid” but one of firm’s top lieutenants is admitting he doesn’t think the shop will last long.
Traders close to Sanjay Santhanam, a Galleon partner and head of risk management, told Dealbreaker he’s admitted defeat. The firm is already seeing investors withdraw their money out of Galleon’s technology fund, according to the Wall Street Journal.
The technology hedge fund run by Galleon Group founder and insider-trading suspect Raj Rajaratnam allows investors to withdraw their money monthly, a much shorter time horizon than many hedge funds, including others at Galleon. Rochdale Investment Management, an investor in a diversified hedge fund that is Galleon’s largest, has already said it’s withdrawing all its money from that fund.When asked about investor withdrawals on Monday, a Galleon spokesman declined to comment.
The chief executive of Rochdale told Dow Jones Newswires on Monday it will liquidate its entire position in Galleon Group’s largest hedge fund, Galleon Diversified Fund. The statement came three days after Mr. Rajaratnam’s arrest on charges of insider trading.
Sources tell Dealbreaker that Santhanam has told people close to him: “We could be closed by Friday. Too many of our clients are institutions that are prohibited from doing business with alleged felons.”
Posted by guest , Oct 19, 2009 3:07PM
is literally every person who works there Indian? I feel so marginalized.
-white guy
Posted by guest , Oct 19, 2009 3:08PM
Dis is true. I got da contacts
-cg
Posted by guest , Oct 19, 2009 3:09PM
Who wants to see my flying squirrel?
Jimmy Cayne
Posted by guest , Oct 19, 2009 3:09PM
Terri,
You are as effective a writer as Greg is a lover.
-Greg's Mom
Posted by guest , Oct 19, 2009 3:10PM
@4 really? b/c she just wrote that galleon's head of risk thinks they'll be done by friday. seems much more "effective" than anything gm's ever done.
Posted by guest , Oct 19, 2009 3:11PM
where the hell has cg been on this story?!
Posted by guest , Oct 19, 2009 3:13PM
Notice how the majority of his accomplices are Asian/Sri Lankan/Indian also. This was their time to bask in the sun but it ended too soon.
I dare say similar things are happening in a lot of other outfits.
-not a white guy
Posted by guest , Oct 19, 2009 3:13PM
@4 yeah, no but by all means, continue to make every single comment on every single post about greg you worthless douche.
-sanjay
Posted by guest , Oct 19, 2009 3:17PM
@7 "I dare say similar things are happening in a lot of other outfits. "
what? diversity in the workplace?
Posted by guest , Oct 19, 2009 3:18PM
Charlie's been squatting on the john at BofA waiting to break the KL replacement story. He can't be everywhere at once you know.
Posted by jt , Oct 19, 2009 3:18PM
nice get dealbreaker - good reporting. Where is this letter TBI said was sent out this am.
Posted by Investorcluzo , Oct 19, 2009 3:20PM
I know a guy that quit his job at a smaller hf 2 weeks ago to join galleon (doh!)...hope he can get the old job back.
Posted by guest , Oct 19, 2009 3:20PM
@10 tell that to my schlong.
-cg
Posted by CoveredLong , Oct 19, 2009 3:22PM
@13's schlong - "Charlie's been squatting on the john at BofA waiting to break the KL replacement story. He can't be everywhere at once you know."
Posted by guest , Oct 19, 2009 3:24PM
@cluz- has he removed galleon from his linkedin profile yet?
Posted by guest , Oct 19, 2009 3:28PM
@9 diversity? Keep telling yourself that.
Posted by guest , Oct 19, 2009 3:36PM
I think it is ridiculous that people won't do business with an alleged felon.
-Roman Pulanski
Posted by Investorcluzo , Oct 19, 2009 3:36PM
@15 - he's not on linkedin...
Posted by guest , Oct 19, 2009 3:37PM
Do I smell impending "Clawbacks" from the clients profits? Somebody has to disgorge profits made for illegal trades.
Posted by guest , Oct 19, 2009 3:37PM
as grampa used to say, "donchu trust those injuns, boy." he was right. STOP GIVING OUT VISAS
Posted by guest , Oct 19, 2009 3:45PM
Teri is a real dung beetle.
Posted by guest , Oct 19, 2009 3:47PM
@21 = raj
@20 = racist
Posted by guest , Oct 19, 2009 3:47PM
This comment is addressed to post #20. You do realize the gentleman is from Sri Lanka right? So your racist stmt is just mis-placed. And you do realize visas are used to draw the best talent from around the world, right? Save your racist crap for fox news.
)Ou
Y
Posted by guest , Oct 19, 2009 3:49PM
Who does Galleon use as a Prime Broker?
Posted by guest , Oct 19, 2009 3:51PM
Julia Buhlia
Posted by guest , Oct 19, 2009 3:52PM
@23 "you do realize visas are used to draw the best talent from around the world"
Really? Please keep telling yourself that. That might have been the case at some point but it is FAR from the case today. Just Sayin'
-not 20
Posted by guest , Oct 19, 2009 3:53PM
@24 bear stearns
Posted by guest , Oct 19, 2009 3:54PM
@12 - your guy must have had "an edge"
Posted by CoveredLong , Oct 19, 2009 3:55PM
@23 - Yea, well if that's the case why are there so many delinquent cardholders huh? Answer that Mr. Smartypants.
...and everyone knows you draw the best talent with a pen/pencil. After all, you'd get laughed out of Bergdorf's if you tried to pay with a PaperMate....HAHAHA, you don't know anything.
Posted by guest , Oct 19, 2009 3:55PM
@24 - the complaint says something about Raj entering online trades into a Charles Schwab account
- Raj was probably close enough to call him Chuck
Posted by guest , Oct 19, 2009 3:57PM
@ 23,
I assume you're being sarcastic.
Posted by Seaman Bodine II , Oct 19, 2009 3:57PM
This comment is addressed to post #23.
You kicked my dog!
Posted by guest , Oct 19, 2009 3:57PM
27 ftw
-jimmy c
Posted by guest , Oct 19, 2009 3:59PM
mister samir naga naga nagonna work here anymore...
Posted by guest , Oct 19, 2009 4:02PM
@24 your mom
Posted by guest , Oct 19, 2009 4:03PM
@24 your mom
Posted by guest , Oct 19, 2009 4:04PM
@24 your mom
Posted by guest , Oct 19, 2009 4:07PM
@35-@37 epic fail to add to the exceptionally weak retort.
Posted by guest , Oct 19, 2009 4:11PM
@35-37
Go back to posting your iPhone pics on http://www.latfh.com/.
Posted by trojan , Oct 19, 2009 4:11PM
-I will have the enchilada platter with two tacos and no guacamoles. Smy?
-Yeah, Chief. I'll have a CHINCHILLA!
-I don't get it. Tacos?
-They think I'm Mexican.
-You're not Mexican?
Posted by pfluger , Oct 19, 2009 4:16PM
Can one-a-you finance guys tell me what it means to be "highly liquid?"
I like da sound-a-dat phrase, and wanna use it alot when I tawk.
-cg
Posted by guest , Oct 19, 2009 4:20PM
@cg
it has something to do with eating curries. You wouldn't know anything about that being Italian, would you?
Posted by guest , Oct 19, 2009 4:23PM
Raj Raj and Sanjay San
Posted by guest , Oct 19, 2009 4:27PM
I got my PhD in liquid dynamics, yet I have not been able to obtain a postion with a hedge fund.
Posted by guest , Oct 19, 2009 4:31PM
Raj Raj now San Raj or whatever.
He needs to lose some fat.
Posted by guest , Oct 19, 2009 4:33PM
More Teri Buhl 'sources'. These are the same ones who provided the year old news that Randy White leaves level and now this? Galleon can't be shut 'by friday' given they have a 45 day notice on redemptions. Sure they are done as a firm, but $ can't leave until Dec 31.
I'll take a handbridge capital mug as payment. Thanks.
Posted by guest , Oct 19, 2009 4:34PM
Had Raj Raj not have looked weird, folks might have some sympathy for him.
Posted by pfluger , Oct 19, 2009 4:49PM
@42 I went to one-a-dem Indian restaurants one time, and dose guys eat dat Curry shit wit dare fuckin' fingers!
Can you fuckin' believe dat shit? I told 'em to gimme a fuckin' fork, and a fuckin' spoon. Dey thought I was nuts, but dey did it.
Da Indians fear me.
-cg
Posted by guest , Oct 19, 2009 4:52PM
Damn! That is one fat f*cking Sri Lankan! Oooh the things I could do to him!
DK
Posted by guest , Oct 19, 2009 5:58PM
This comment is addressed to post #20. You do realize the gentleman is from Sri Lanka right? So your racist stmt is just mis-placed. And you do realize visas are used to draw the best talent from around the world, right? Save your racist crap for fox news.
)Ou
Y
Chill out dude. Re read his comment. You're not much for subtlety are you. Besides his citizenship is country is sri lanka but he's ethnic indian
Posted by guest , Oct 19, 2009 6:47PM
http://www.reuters.com/article/ousivMolt/idUSN1937523520091019
Reuters has followed the Dealbreaker news and prints a 'news analysis' that seconds the fact the Galleon is loosing institutional clients as I type.
Firm is toast. Good traders will have to restart on their own.
Posted by guest , Oct 19, 2009 7:07PM
Be still, Cody.
Posted by guest , Oct 19, 2009 7:20PM
The new US diversity:
7 Indians from Punjab
8 diverse Indians from Goa
5 diverse Indians from Madras
10 diverse Indians from southern India - near the coast
11 diverse Indians from the west
21 diverse Indians from the east
13 diverse Indians from the north
1 Russian
2 Chinese guys
1 token black guy wearing a red shirt.
3 white guys
2 other?
Profit!!!
Not being Indian is the new killing it.
Posted by guest , Oct 19, 2009 9:51PM
@53 funny. I was about to post that the comments today at DB could well lead to some targeted KKK banner ads from doubleclick tomorrow .. until i read your stuff
Posted by JR , Oct 19, 2009 10:26PM
@24: morgan stanley
Posted by guest , Oct 19, 2009 10:34PM
@55 wrong. bac/ml and barclays.
Posted by John Griffin , Oct 21, 2009 10:30AM
Looks like Teri Buhl was right on with this quote from the Galleon parnter Sanjay.
Raj now admits firm is going to unwind funds. Great Job Dealbreaker.
http://www.ft.com/cms/s/0/c2a6ca66-be44-11de-9195-00144feab49a.html