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

[HisPetGoat]

"The firm was aware that Aleynikov, who is the father of three young girls, was downloading programs to his personal computer... the lawyer said."

Holmes: An odd thing to mention, don't you think. But, in fact, they are not girls at all. Rather, they are the three clones of none other than... Professer Moriarty!

Watson: My word, old man, how ever did you guess?

Holmes: Deduction, my dear Watson, elementary deduction...

[HisPetGoat]

*Professor

[HisPetGoat]

"Goldman Sachs may be harmed if the software is disseminated."

I guess there's a downside.

[schatsie]

The down side is that EVERYONE CAN DO WHAT GOLD MAN SACKS does... oh that is not a downside at all is it.....

[hulagirrrl]

They know the man to get the reimbursement started...

[HamletsMill]

I learned of this on the software bloggers sites early yesterday morning. I commented on it on the economics thread twice a good 15 hours before this story appeared. Both posts were censored and scrubbed by HP. Probably RABID EDITORIAL FEAR OF GS if it wasn't true. So they had to wait for Bloomberg News so GS would have someone else to sue if it was untrue since Palin is now setting the trend on instilling very public pro-active fear in the media I guess.

http://www.youtube.com/watch?v=3IzNPEGWNos

[josephXY]

That is in any case badly needed ad revenue for the suffering and ailing newspapers / media.
That all something like holy sacrifices which have to be made ... in favour of such absolutely
wanted revenue. It's possible to google a bit to all that, lots to be found.

[Bumpkins]

May lose...that can mean maybe, could, not for sure....but just in case they will ask for 30 billion in corporate welfare to shore up the economy, stabilize the financial institutions that are too big to fail, and just because they can get it.

[fcsakes]

boo hoo.

[deepfreezevideo]

This guy is my new hero.

[deepfreezevideo]

Manipulate the markets?????
My God, imagine if Goldman did something like that!
Oh wait.....

[schatsie]

very cute

[Harrier]

Funny, I don't why I would think that I don't care anything about Goldman Sachs losing money in development of a program to try to manipulate the market something I car about. They have destroyed this country. And their playing field should be leveled. If they cannot make a product I can see I don't care about them, because they aren't helping this country that I can see. I want them writing down al their credit default swaps first before I start having sympathy for them

[TXfemmom]

Hmm, perhaps the officials need to look into exactly what Goldman Sachs did with that software and what illegal behavior they conducted with it before they go after this guy?

One has to wonder about how well these companies vet their employees.

[Bumpkins]

ah darn...the smoking gun was taken, dog ate it, mis placed, the janitor threw it away...did I miss one....oh can't reveal the software for national security you know.....

[TXfemmom]

Well, Goldman Sachs should be registered as a terrorist, as in economic terrorist, organizaton anyway.

[ManyColored]

This is great! A bank that manipulates the market with its software is now "worried" that whoever has access to the stolen software can now manipulate the market in "unfair ways"! This is an example of a burglar complaining that someone has stolen his tools. What the hell was the BANK doing?? What they're worried about is that someone else will make money the same way they have been cheating. Why do you think we are in this economic mess?? It's because of the robber baron banks like Goldman Sachs clobbering the public with their fraudulent ways.

[NoahVail]

“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."

You mean, manipulate the markets like Sacks has?