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.)
Reuters:
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
4 COMMENTS:
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.
Oops goldman did it again... now in Europe!
http://montyhallparadox.blogspot.com/2010/02/goldman-does-it-again.html
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.
Go BIOYA
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.
http://www.nytimes.com/2010/02/14/business/global/14debt.html?ref=business
"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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