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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Friday, February 12, 2010

Ex-Goldman Sachs Programmer Indicted for Stealing "Dangerous" GS Code

Editor's note: In case you need a quick catch up, an ex-Goldman programmer was busted stealing a tiny piece of GS's evil code. The bank admitted that "in the wrong hands", the code could be used to manipulate markets. But wait, who decided that Goldman Sachs' hands were somehow right? Anyway, after a quiet summer, the programmer gone wild is back in the news and GS attorneys are out for blood. Show us the code, then, GS, I think it's only fair that you introduce it as evidence in the courts if you claim it is so dangerous and actually want to prosecute for stealing it. - JDA

I still can't believe Goldman actually admitted that they own a piece of technology that could be "dangerous" in the wrong hands. You bastards are slipping, you're supposed to act nonchalant about your devastating trading activities. Pfft. (Said Zero Hedge: "At least it is refreshing that none other than Goldman's own de facto attorney admits that the firm has created a piece of code that permits "market manipulation." So much win.)


A former Goldman Sachs Group programmer was indicted on charges he stole computer code for the investment bank's high-frequency trading platform, federal prosecutors said on Thursday.

The former programer, Sergey Aleynikov, 40, was arrested and charged in July. The three-count indictment alleges that Aleynikov, who worked at Goldman from May 2007 to June 2009, illegally transferred and downloaded "hundreds of thousands of lines of source code for Goldman's high-frequency trading system" on his last day at the firm.

Read the rest over at Jr Deputy Accountant


Anonymous said...

Have you ever considered that the code might include details of GS's strategies, and thus somebody from another company might use that to mannipulate the market because they could trade against positions GS are intending to take but haven't yet? The strategies themselves are not dangerous or manipulative per se, but having somebody else trade with that insider knowledge would be able to manipulate the market in dangerous ways.

It's not rocket science, you know.

Anonymous said...

Oops goldman did it again... now in Europe!

Anonymous said...

Transparency is not required but most feel its needed for the health, the integrity, and the normal function of markets. It's not rocket science, you know.

Wall St. Helped to Mask Debt Fueling Europe’s Crisis

As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

Anonymous said...

"On your clothes men find the lifeblood of the innocent poor, though you did not catch them breaking in."
-Jeremiah 2:34 New International Version

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