What is Digg?Sponsored by Best Buy
The camera starts rolling on Best Buy holiday campaign. view!
www.youtube.com/bestbuy - A behind the scenes look at one employee's singing debut.
35 Comments
- inactive, on 07/06/2009, -5/+34His only crime was stealing so little.
He should have stolen at least 40 million, like all the upstanding vice presidents at that firm do every year.
Then he could have applied for a bailout. - Atario, on 07/06/2009, -3/+19Couldn't happen to a nicer bunch of *****.
http://www.rollingstone.com/politics/story/2881632 ... - VitriolAndAngst, on 07/06/2009, -3/+17Leave thievery up to the professional's folks.
When you are REALLY GOOD, your crime family godfather runs the Fed. I mean, do it big, and you look like the infrastructure. - ScottKritz, on 07/06/2009, -0/+9This is the plot for the next Bond flick.
- inactive, on 07/06/2009, -2/+10I'M INVINCIBLE!
- inactive, on 07/06/2009, -5/+12Is this supposed to be a bad thing? ***** Goldman
- robotirl, on 07/06/2009, -0/+7Where's the torrent?
- IgorUnchained, on 07/06/2009, -2/+7Dont steal from our multi-national banking/financial institutions.....they hate competition.
- kwilms, on 07/06/2009, -2/+6A case of international tech espionage: A dude who made a $400,000 salary at Goldman, decides to steal the proprietary trading code Goldman uses in their automated stocks and commodities trading businesses and uploads it to a German website.
- bigp3rm, on 07/06/2009, -1/+5They only like it when they steal from us.
- govtdoesnotwork, on 07/08/2009, -0/+3Here's what GATA said (and I agree).
Dear Friend of GATA and Gold:
GATA today urged the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to investigate the Goldman Sachs Group Inc. computer trading program that, according to a federal prosecutor, the bank acknowledges can be used to manipulate markets.
GATA's complaint refered to the Bloomberg News story dispatched yesterday --
http://www.bloomberg.com/apps/news?pid=20601087&am ...
-- reporting the arraignment in U.S. District Court in New York of a former Goldman Sachs employee accused of stealing the program. The prosecutor, Assistant U.S. Attorney Joseph Facciponti, was quoted as telling the court: "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."
In letters to the SEC and CFTC, GATA wrote: "The assistant U.S. attorney's comment can be construed to suggest Goldman Sachs considers its own manipulation of markets to be fair, while such manipulation by others would be unfair. The court proceeding described in the Bloomberg News story would seem to impugn all markets in which Goldman Sachs trades."
GATA asked each commission "to investigate Goldman Sachs' trading program urgently and report its findings publicly."
The text of GATA's letters is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
GOLD ANTI-TRUST ACTION COMMITTEE INC.
7 Villa Louisa Road, Manchester, Connecticut 06043-7541
July 7, 2009
Gary Gensler, Chairman
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St., N.W.
Washington, D.C. 20581
Mary L. Schapiro, Chairman
U.S. Securities and Exchange Commission
100 F St. N.E.
Washington, D.C. 20549
Dear Chairman Gensler / Dear Chairman Schapiro:
I'm enclosing a copy of a report distributed July 6 by Bloomberg News Service about the U.S. government's prosecution of a former employee of Goldman Sachs Group Inc. involving the purported theft of a Goldman Sachs computer trading program. The report quotes Assistant U.S. Attorney Joseph Faccipointi as saying in U.S. District Court in New York City: "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."
If the report quotes the assistant U.S. attorney correctly, and if he was characterizing Goldman Sachs' position correctly, then Goldman Sachs claims to have possession of a computer trading program that can manipulate markets. The assistant U.S. attorney's comment can be construed to suggest Goldman Sachs considers its own manipulation of markets to be fair, while such manipulation by others would be unfair.
The court proceeding described in the Bloomberg News story would seem to impugn all markets in which Goldman Sachs trades. On behalf of the Gold Anti-Trust Action Committee Inc., I ask your commission to investigate Goldman Sachs' trading program urgently and report its findings publicly.
Thanks for your consideration.
With good wishes.
CHRIS POWELL
Secretary/Treasurer - inactive, on 07/07/2009, -1/+4The craziest part is the fact that the NYSE can change the way it trades such that it can make any player drop off the list. Proprietary computer code gambles the future of our people, welcome to the USA, land of the free. /s
- boozinf, on 07/07/2009, -0/+3Why was their stock up 3 points today?
- funkywood, on 07/07/2009, -0/+2Does Tyler Durdan run a hedge fund as well as write about the subject? Testosterone driven risk taking there then.
- Grova, on 07/06/2009, -2/+4Superman III?
- andyb747, on 07/06/2009, -1/+3He was going to lease the software back to them and charge interest...
..after all he learned the business model there. - JohnnySoftware, on 07/09/2009, -0/+1I have never heard of a company being able to declare something that was solely its own "top secret". Was the article joking around?
Further, Goldman Sachs had to get $10 billion in bailout money. So does that mean the code is the key to its own proprietary method for going broke?
see: http://www.bloggingstocks.com/2009/02/06/goldman-s ...
Given Goldman Sach's situation, while the program(s) in question might be valueable it seems like someone is inflating the value of the software. Given the context of Goldman Sachs going broke while using it. Seems like they need to get a new program. - robertml1, on 07/07/2009, -0/+1He got caught, he's not REALLY GOOD.
- Gloony, on 07/07/2009, -0/+1I put that in and now amazon's sending me every HD-DVD ever made. That's right: All 3 of them.
- djcll6122, on 07/07/2009, -1/+2"She (his wife) seems mystified that federal authorities would arrest him on the eve of a holiday."
idiot. - brotherfranciz, on 07/07/2009, -0/+1In Soviet Russia, stocks trade you!
- Wheelingdude86, on 07/07/2009, -0/+1You sit on it, but you can't take it with you...
- ssttuu, on 07/08/2009, -0/+1How much are we worth?
- Wheelingdude86, on 07/07/2009, -1/+2In Russia, stock trades itself...
- inactive, on 07/07/2009, -1/+1Why would I leave it up to a professoinal's family?
- FuZi0nDET, on 07/07/2009, -1/+1Maybe, I think he would have stood to gain a lot more money if they hadn't caught him so quickly.
- martinmeba, on 07/07/2009, -2/+2The articles about this make it sound like the world will end because of this. It is a trading program for goldman. so what? Yes you would not want everyone to see it - but this is definitely not a national security threat. Why is Joseph Facciponti, the assistant United States attorney, "told a federal judge that Mr. Aleynikov’s supposed theft posed a risk to United States financial markets and that other people may have had access to it, according to Bloomberg."? This is crazy.
- HonoredMule, on 07/07/2009, -1/+1Gee, you'd almost think they were trying to wrap up their part in the case so they could relax on /their/ holiday without worrying about him slipping through their fingers. Nah, that would be too inconsiderate of them.
- etx313, on 07/06/2009, -5/+409 F9 11 02 9D 74 E3 5B D8 41 56 C5 63 56 88 C0
- robertml1, on 07/07/2009, -3/+2lot of bitter, broke web designers here...
- DonAlfred, on 07/06/2009, -3/+2God bless him.
- walruspanzer, on 07/06/2009, -4/+2Goldman Sachs = Sacked Hacked Attacked Tracked, hey that rhymes
- Torx, on 07/07/2009, -4/+2In USA, Russians steal you stocks.
- sherm420, on 07/06/2009, -5/+2good.
- Pinkertinkle, on 07/06/2009, -9/+4Knew it had to be a Russian.
© Digg Inc. 2009
— Content created and posted by Digg users is