Goldman Trading Program Put at Risk by Theft
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Goldman Trading Program Put at Risk by Theft
By David Glovin and Christine Harper
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 an ex-employee gets into the wrong hands, a prosecutor said.
Sergey Aleynikov, an ex-Goldman Sachs computer programmer, was arrested July 3 after arriving at Liberty International Airport in Newark, New Jersey, U.S. officials said. Aleynikov, 39, who has dual American and Russian citizenship, is charged in a criminal complaint with stealing the trading software.
At a court appearance July 4 in Manhattan, Assistant U.S. Attorney Joseph Facciponti told a federal judge that Aleynikov’s alleged theft poses a risk to U.S. markets. Aleynikov transferred the code, which is worth millions of dollars, to a computer server in Germany, and others may have had access to it, Facciponti said, adding that New York-based Goldman Sachs may be harmed if the software is disseminated.
Continue Reading Goldman Trading-Code Investment Put at Risk by Theft (Update1)
5 Comments
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“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,”…
Oh, just like Goldman?
He was starting his own trading company? Maybe Putin and Co. have interest in the software?
Anyway God bless him he has served America well.
what a great quote! so true as well. and why stop at millions? it seems that this could be worth billions or even trillions when all is said and done.
If somebody else uses it to manipulate markets to their advantage, it’s “unfair”, but if GS uses it to manipulate markets to their advantage, then it’s “fair”
Check out this month’s Rolling Stone, great article exposing GS for the long time money sucking octopus they are. Their next scam/bubble will be the carbon credits shenanigan. Did you realize they are long have been the SINGLE LARGEST contributer to both of the two wings of the Great American Political Club? They are EVERYWHERE.