“In any case, no drug, not even alcohol, causes the fundamental ills of society. If we are looking for the source of our problems, we should not be testing people for drugs, we should be testing them for stupidity, ignorance, greed and love of power” (PJ O'Rourke). The Galleon Group is precisely a story born from the lust for power of a few members that was consumed by the essence of greed. Founded by Raj Rajaratnam and his colleagues in 1997, the Galleon Group quickly grew to substantial wealth and incredible success as one of the largest hedge fund management companies in the world. Managing more than seven billion dollars in a series of funds specializing in the healthcare and technology sectors, the New York-based firm was on the fast track to stardom. Unfortunately, the company became the center of a catastrophic insider trading scandal in 2009 that ultimately led to the demise of the company as well as the arrest of several greedy individuals. The Securities Exchange Act of 1934 oversees the regulation and registration of securities exchanges, broker-dealers, dealers and national securities associations. Additionally, the law authorizes the Securities and Exchange Commission (SEC) to conduct market inspections to prevent practices such as fraud, market manipulation, and misrepresentation. Additionally, SEC Section 10(b) and Rule 10b-5 address the area most associated with this particular case, known as insider trading. Both legal and illegal, insider trading occurs when individuals obtain "inside information" about a publicly traded company's strategy and then buy and sell securities based on that knowledge. Legally, corporate insiders are free to buy and sell shares within their own company...... middle of paper .......com. Bloomberg, May 11, 2011. Web. March 1, 2014. Hurtado, Patricia. "Kumar Gets Probation for Galleon Test Cooperation." Bloomberg.com. Bloomberg, July 20, 2012. Web. March 01, 2014. Miller, Roger and Frank Cross. The legal environment for businesses. Mason, OH: South Western, 2011. Print. O'Rourke, PJ "Quotes on Greed". BrainyQuote. Xplore and Web. February 27, 2014. Protess, Ben. “Chiesi sentenced to 30 months in galleon case.” "DealBook Chiesi sentenced to 30 months in Galleon case". The New York Times, July 20, 2011. Web. March 1, 2014. Rothfeld, Michael. "Gupta gets two years for disclosing internal information." The Wall Street Journal. Dow Jones & Company, October 25, 2012. Web. March 29, 2014. “Ship of the Jacks”. The economist. The Economist Journal, June 1, 2013. Web. March 01, 2014. Sumner, William Graham. “Greed Quotes.” BrainyQuote. Xplore and Web. February 27. 2014.