NEW YORK Oct 19 Two of the brokerage firms
that have traded with Raj Rajaratnam's Galleon Group -- Bank of
America Merrill Lynch (BAC.N) and Barclays PLC (BARC.L) -- have
told the firm they no longer will, the Wall Street Journal
reported on Monday, citing a person close to the situation.
The Journal reported that Galleon has started to sell off
some of its technology stocks and other holdings to raise money
in the face of investor withdrawals after founder Rajaratnam
was charged with insider trading by U.S. federal investigators
According to the report, Galleon has not had problems
selling off stock despite the refusals by Barclays and Bank of
America because it uses about ten other brokerage firms.
The Journal also said that Rajaratnam addressed Galleon's
employees at its New York office on Monday, saying he did
nothing wrong and imploring them "to take care of our
investors." The report cited someone who was at the meeting.
Galleon, Barclays and Bank of America could not be
immediately reached for comment.
(Reporting by Michael Erman; Editing by Gary Hill)