Blog Archive

Monday, July 6, 2009

G.S. Bank Admits Unfairly Manipulating Markets?

I had to laugh at this story about Sergey Aleynikov, an ex-Goldman Sachs computer programmer, who was arrested and charged in a criminal complaint for stealing the trading software of Goldman Sachs. Assistant U.S. Attorney Joseph Facciponti told a federal judge that Aleynikov’s alleged theft poses a risk to U.S. markets.

Why is this a risk to the U.S. Markets?

Here is what the Assistant U.S. Attorney told the Federal Judge.

“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said, according to a recording of the hearing made public today. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”

The prosecutor added, “Once it is out there, anybody will be able to use this, and their market share will be adversely affected.”

Oh boo hoo. What's fair and not a threat to Goldman Sachs is a "unfair" if someone else should happen to use it! Where do these A-- ----s get off?

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

No comments:

Post a Comment

Today's Feature