… is what Galleon paid the investment banks that acted as its brokers, including Goldman Sachs and J.P. Morgan.
For that, Galleon expected, and got, more than brokerage. It got information about trading by the banks’ other clients, which Galleon could use to its advantage and the disadvantage of the firms that thought Goldman and Morgan were working for them. And no one blew the whistle.
If you suspected that those enormous bonuses investment bankers pay themselves weren’t actually being earned, you can chalk up a little bit more evidence.
It appears that this wasn’t “insider trading,” as defined by law. As always the scandal isn’t what’s illegal, it’s what’s legal.