Must See TV: High Noon in Stamford

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Federal prosecutors are announcing insider trading charges against four more hedge fund employees at 12:00 p.m. today.

But what's more interesting is this: Three of the four are hedge fund managers, which definitely increases the drama quotient. (The other employee is an analyst.)

According to Peter Lattman in the NYT's Dealbook: "Of the four hedge fund employees, two individuals have pleaded guilty, one was arrested, and one surrendered to authorities Thursday morning, according to a person with direct knowledge of the matter who was not authorized to speak publicly about the case."

Lattman is further reporting that the one manager who surrendered is Samir Barai, who runs Barai Capital:

"Mr. Barai, who runs Barai Capital Management, is thought to have received illegal tips about publicly traded companies from a technology industry consultant, according to people with knowledge of the investigation who were not authorized to speak about it publicly. In November, the F.B.I. searched the offices of Barai Capital, these people said."

The DealBook article seems to be reporting the recurrence of two common themes that have arisen in past cases: 1) The Barai case once again involves the technology sector; 2) the inside information seems to have originated from a tech-industry consultant firm.

Which raises the question: At noon today, when the office of the U.S. Attorney formally announces the charges—when work stops on the NYC-Fairfield County hedge fund axis—and the plasma TVs tuned to CNBC are taken off of mute—how many people will be truly surprised by the names on the list?

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