On Wednesday, Galleon Group founder Raj Rajaratnam told employees via letter that the company is going to wind down all of its hedge funds. In a Wall Street Journal article (subscription required), a person familiar with Galleon said that one of the alternatives the company is exploring is selling out to another firm.

These alternatives were approached by Rajaratnam in his letter, as he told employees that it is "in the best interest of our investors and employees to conduct an orderly wind down of Galleon's funds while we explore various alternatives for our business."

The Street.com's Jim Cramer says that it's awful knowing that Galleon had every single nuance of the next Intel call.

The call. The edge. The inside scoop. At one point, you could have it. At one point, before Regulation Fair Disclosure (FD), persistence, hard work, going to meetings, doing everything you could to learn a company entitled you to a callback from the company. The rules were clear: If you got something that was material and non-public, you couldn't trade on it, you were frozen. But there were some blurred lines and the intensive research shops with great industry contacts could get an ever-so-slight heads up that could make a difference. Or you could go to a one-on-one where management might let slip something no one had, and you could have that momentary head start.

But Regulation FD ended all that. All the insider calls, the disclosure at one-on-ones, anything that smacked even of proprietary information. The rules were no longer voluntary. It wasn't a question of freezing. It was a question of talking. You couldn't talk to "them." Hedge funds could not talk one-on-one to anyone of authority at a company. The insider would face prosecution, do you weren't even supposed to try.