Many assume the on-going insider trading investigation by the U.S. attorney in Manhattan and the SEC is quite large. But we could only speculate as to exactly how large. According to FOXBusiness, we have barely seen the tip of a massive iceberg.

"Sources close to the investigation are talking about hundreds of potential targets involved in this probe." One of its sources says "there is a possibility of 300 potential targets. What we are talking about is possibly the largest white collar criminal case ever."

This has a lot of people on Wall Street nervous no doubt. Some are lawyering up.

One big question is who the ultimate targets are. The employees who were suborned into providing nonpublic information are not the prosecutorial prizes in all of this.

"They (prosecutors) have not gone after the hedge funds yet. That is clearly the next shoe to drop," notes FOXBusiness. Many would agree. It seems that SAC Capital, led by Steven Cohen, is one potential big fish, but there are likely others.

It's unclear how arrests and charges against hedge fund execs will unfold. Could it be that prosecutors are waiting to see how the trial of Raj Rajaratnam plays out? He is scheduled to stand trial Feb. 28. A lot is riding on it.

For more:
- here's the video

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