A post relating to this item from Finextra:
06 July 2009 | 12269 views | 3
A Russian computer programmer has been arrested by the FBI, accused of stealing proprietary trading code from the New York-based financial institution he used to work for.
Goldman Sachs hasn't had the best of press lately. A recent Rolling Stone
article went as far as to describe the firm as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". Others have noted that the firm's tentacles spread into every area of
government and financial regulatory policy, prompting the nickname Government Sachs.
Given the slightly hysterical climate, you would expect the firm to keep a low profile and be extra cautious in its public pronouncements. So what does it do when one of its programmers gets caught in an alleged attempt to walk away with its top secret recipe
for high-speed trading? It calls up the prosecutor and fans the flames by declaring "there is a danger that somebody who knew how to use this program could use it to
manipulate markets in unfair ways.”
At least that's what Assistant US Attorney Joseph Facciponti told a judge at a bail hearing in New York.
Did Goldman really say that? Doh!