Concerns about the business practices of Galleon hedge fund founder Raj Rajaratnam and his associates were raised inside JPMorgan Chase as far back as 2001, the FT reports.A 2001 ??call note? written by an analyst at JPMorgan??s alternative asset management arm said the unit ??should reduce our allocation? in Galleon??s flagship technology fund, citing what it described as ??more negative news about Raj and his cohorts?.
The JPMorgan note alleges that the principals of Galleon ??liked to operate in the ??grey areas??? of the markets. ??If these allegations are true, there are some serious issues about business conduct,? the memo said.
