Goldman Sachs (GS) and Morgan Stanley (MS) were apparently the top two prime brokerages that served the now disgraced Galleon hedge fund, run by the tainted Raj Rajaratnam. The Financial Times reports that the fund paid $250 million for such services last year. At Morgan Stanley, Galleon was apparently a top-five client.

"The hedge fund became known for pushing its contacts at banks for hints about market developments such as big buy and sell orders." Sometimes, the color they sought may have been delivered in a kind of slang, a "page-one seller" perhaps referring to a seller listed on page one of a Bloomberg screen.

Some critics are calling for the two banks to come clean about what kind of "color" they delivered to their big client. In this view, other clients deserve to know what if anything they were missing out on. 

For more:
- here's the FT article

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