Goldman Sachs May Lose Millions From Ex-Worker's Theft Of Trading Codes

Bloomberg News:

July 7 (Bloomberg) -- Goldman Sachs Group Inc. may lose its investment in a proprietary trading code and millions of dollars from increased competition if software allegedly stolen by a former employee gets into the wrong hands, a prosecutor said.

Read the whole story: Bloomberg News

Comments

[JuniorRoyale]

Reap what you sow... Classic.

[cmaukonen]

Couldn't happen to a worse bunch of weasels.

[hellboundtrain]

Surely, the reimbursement check from the DOT will be cut to cover any possible losses, so that Goldman Sux can continue to plow all dollars into bonuses to attract or maintain top talent!

[GardenerNorCal]

Sounds a bit like Palin's whining that everyone is picking on her. Give me a break if this is the best they can offer in security why should anyone invest with them?

[NedroidPrime]

Hehehe, where can I get a copy? PirateBay?

Next step, torches and pitchforks!

[bayviking]

Translation: Aleynikov is not permitted to do the same thing Goldman-Sachs does to the American people every day.

[Mauiloa]

After reading Matt Tiabbi's scathing expose` on Goldman Sachs' manipulation of the market going back to 1929, http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/printt) this news makes me absolutely giddy!

The idea of GS losing millions because someone might use their own manipulative computer algorithms should give joy to everyone who lost money in any of the bubbles GS has been intimately involved with.

Rather than being persecuted and prosecuted, Sergey Aleynikov should be given the Congressional Medal of Honor for his actions and for the result of his actions: demonstrating once more that the game we're all involved with through our 401k's, pension funds, etc. is rigged to take our money and put it into the pockets of companies like Goldman Sachs, Bank of America, Citicorp and all the other stalwarts of our vaunted capitalist economy.

[not going2take it]

Karma' geddon rightly starts on Goldman Sachs doorstep . . .

[PAposter]

Karma' geddon...I like that!

[northstar11]

"""goldman may lose millions"

that's the equivalent of others dropping two buck at the track.

[zanzig]

Is there any way to contribute to this man's legal defense fund?

[Name Not In Use]

“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,”

Let's keep the markets safe, then.

Stop all computerized trading.

All trades must originate from a human decision or be reviewed by a human before being entered.

[vippy]

and deliveries MUST be taken!!!! This will outdo the speculators, who only trade on paper at every whim in the market.

[WindySailor]

Manipulating markets is Goldman Sachs' business. This is exactly the same as the numbers runner stealing the list from the bookie.

In a perfect world, the thief would make the information public and Goldman Sachs would be screwed but good.

[msjimmied]

here's a great point of view, if the program can be used to manipulate the market, what the heck do you think Goldman was doing with it?

http://zerohedge.blogspot.com/2009/07/guest-post-manipulation.html

[DubyaGump]

Thought all those bonus checks were intended keep the talent, what happened?

[AbstractImp]

So one of their trained thiefs got away with the tools.

Hmmm,
Who is this new company,
Silverman Bags?

[AbstractImp]

Ha ha ha ha ha ha ha ha

See you at the bread line in the soup kitchen !

[Terypat]

Millions? That's all? Maybe the NYSE will help them make those losses disappear too!!