Barclays Galleon Snub After 'Insider' Arrest [Edition 2]

Summary

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THE broking arms of Barclays and Bank of America Merrill Lynch have stopped trading on behalf of Raj Rajaratnam's Galleon Group following his arrest on insider dealing charges late last week, according to sources.

Galleon has faced withdrawal demands by investors of as much as $1 billion (Pounds 609 million) of its total assets of $3.7 billion. That has forced the hedge manager to try to liquidate some its hitech and other shareholdings. Barclays and Merrill Lynch have said that they will no longer trade securities with Galleon, according to the Wall Street Journal. Neither broking firm would comment. But financiers are increasingly worried that Galleon's assets could be frozen by the US authorities as the insider dealing probe widens.

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Barclays Galleon Snub After 'Insider' Arrest [Edition 2]

That could explain wh...

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