Galleon scandal expands

How big is this going to get? Nine more people have been arrested in the insider trading scandal involving Galleon. Reuters reports that the list includes Zvi Goffer, of Incremental Capital hedge fund; Arthur Cutillo, a former attorney with law firm Ropes & Gray; Jason Goldfarb, an attorney; Craig Drimal, a former employee in Galleon's office; and Emanuel Goffer, Michael Kimelman and David Plate, all of Incremental Capital. 

Now none of these folks are bona fide Wall Street stars. I'm inclined to think that the big names--if that's what they are--have already been arrested. This doesn't look like it will eclipse the insider trading scandals of the 1980s, when some truly big names were involved--the likes of Ivan Boesky and Michael Milken and top investment bankers at premier funds. Still, this is plenty big and we may see the likes of Raj Rajaratnam go to trial. So far he has been saying he will fight.

For more:
- here's the article

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