Galleon Wiretaps Rattle Hedge Funds as Government Targets Insider Trading First came the biggest bear market since the 1930s, then Bernard Madoff’s $65 billion Ponzi scheme and the threat of increased regulation. Now hedge funds have a new concern: getting caught on tape as the government expands its use of wiretaps to ferret out insider trading.

Galleon SEC Judge Rakoff Says Civil Case May Go to Trial in Five Months The judge presiding over the U.S. Securities and Exchange Commission’s lawsuit against Galleon Management, whose founder Raj Rajaratnam faces criminal charges, said he wants the civil case ready for trial within five months.

Peltz Named Director of Legg Mason After Trian Funds Double Stake to 4.3% Legg Mason Inc., the Baltimore-based fund manager that’s had eight straight quarters of investor withdrawals, said billionaire Nelson Peltz was named a director after he doubled his stake in the company.

E Fund Management Gets $1 Billion in China’s QDII Quota to Invest Overseas E Fund Management Co. received a $1 billion quota from the Chinese government to invest abroad under the qualified domestic institutional investor program as the nation sees less risk in investing overseas.

James Schier’s Fund Doubles Buffett’s Gain by Finding Unloved Stock `Gems’ James Schier runs his mutual fund using the value investing principles made famous by Warren Buffett. The disciple has found enough cheap stocks to do almost twice as well as the Oracle of Omaha over the past decade.

Touradji Beaten by Commodity Indexes Shows Hedge Funds Losing Edge in 2009 Hedge fund managers are trailing benchmark commodity indexes by the widest margin in four years after copper doubled and oil surged 58 percent.

Berkshire’s David Sokol Says Past 18 Months May Prove to Be Buffett’s Best Warren Buffett’s past 18 months may have been his most successful as chief executive officer of Berkshire Hathaway Inc., David Sokol, who oversees the company’s energy and jet-leasing businesses, told CNBC.

Stanford Endowment Loss Prompts Silicon Valley Chief to Suspend Smoothing John L. Hennessy, president of Stanford University, is drawing on his 32 years of experience in Silicon Valley to speed up budget cuts, ditching a formula universities use to soften the impact of endowment losses.

U.S. Wants Goel’s Insider-Trading Trial Moved to New York From California The U.S. wants the trial of Rajiv Goel, the director of strategic investments at Intel Capital who faces federal insider trading charges, moved to New York from California.

Tannin `Blow Up’ E-Mail on Hedge Funds Won’t Be Seen by Bear Stearns Jury Former Bear Stearns Cos. hedge-fund manager Matthew Tannin, on trial for fraud, won a judge’s ruling blocking jurors from hearing about an e-mail he wrote in 2006, stating “We could blow up,” and “credit is deteriorating.”

Hedge-Fund Boxers Take Black Eye in Hong Kong Contest, Dodge Market Blows Benoit “La Tornade” Descourtieux, the second-oldest contender in Hong Kong’s third annual Hedge Fund Fight Night for charity, finds it easy to draw a link between managing money and martial arts.