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Today's quote:

Thursday, July 16, 2009

The 4th branch of the American government

It is reported that Goldman Sachs 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." Ouch!

Last week in Manhattan, Assistant U.S. Attorney Joseph Facciponti revealed that ex-Goldman Sachs computer programmer Sergey Aleynikov has been charged with stealing Goldman's proprietary trading software.

The wrong hands???

Facciponti told the judge in the hearing that, "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."

Is there a fair (legal) way to manipulate the market? If the software can be used to manipulate the market ... and Goldman knew how to use the software ... has the prosecutor unintentionally revealed some of Goldman's magic secrets? You can read more here and here and there'll be many, many more places as this case unravels and perhaps even turns into a class action against Goldman Sachs - or will it? Watch this next clip, then decide!