Wall Street Roundup: Big fraud investigation. Hedge fund folds.

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Gold: Trading now at $1,511 per ounce, up 1.3% from Thursday. Dow Jones industrial average: Trading now at 12524.80, down 0.6% from Thursday.

Big fraud investigation. A Huffington Post scoop earlier in the week about a fraud investigation of five giant banks is attracting more attention as the week goes on.

Betting on B&N. Fresh off its success in turning around Sirius XM satellite radio, Liberty Media last night made a bold $1-billion bid to buy Barnes & Noble.

Hedge fund folds. One of the biggest hedge funds to come under scrutiny in the government’s insider trading probe, FrontPoint Partners, appeared as though it would survive but is now throwing in the towel.

Joining the quants. SAC Capital, an old-school stock-picking hedge fund, is joining the rush toward computer-based algorithmic trading.

--Nathaniel Popper