Motion seconded and carried.
A verbis ad verbera
Posted on 07/09/2009 7:31:10 AM PDT by gjones77
**FLASH** Goldman Code Theft BOMBSHELL? Something really ugly popped up on Daily Kos yesterday late in the afternoon.....
...GS, through access to the system as a result of their special gov't perks, was/is able to read the data on trades before it's committed, and place their own buys or sells accordingly in that brief moment, thus allowing them to essentially steal buttloads of money every day from the rest of the punters world.
(Excerpt) Read more at market-ticker.denninger.net ...
It really has become time for public hangings to begin. A lot of them. The ‘powers that be’ fear nothing, they fear no personal ramifications for any of their actions, they feel insulated and covered. They need to hang.
I did a search for Goldman Sachs and only came up with the original theft article, I do apologize for the repost.
Of course Goldman is front running trades. Skimming the cream from their own customers. When you have your people at the Fed, Treasury, CFTC and the SEC, it’s OK. And using taxpayer money to boot.
The stolen software was designed for high volume, low latency trading, low latency meaning the trades were measured in microseconds.
I wasn’t complaining about the repost, just pointing out it was also discussed elsewhere.
Things cannot “get ugly” because I am becoming convinced GS is like a secret puppetmaster organization behind the operations of our entire govt and perhaps the entire global financial system. Look at the GS tentacles connecting our govt (all branches) and those they choose to advise them and make policy. This goes for both parties. Bush 43 we barely knew ye.
All “we” little people investors can do is to retrench, refuse to particate in the markets until and unless “we” have confidence in them. And that goes for our intermediaries (pension managers, investment funds, etc) who suposedly have our fiduciary interests in hand
If true, it doesn’t surprise me, the looters are in charge.
--and that's what we've extrapolated from the original source that said 'someone had tried to steal proprietary information but that the company had since "secured its systems." '
What's wrong here is not the so-called scandal but rather the overreaction. Having socialists in power is not enough to regulate everything; for that they first have to stir up all political stripes with phony 'bombshells' until everyone can accept the new controls.
Must reading, video at link.
Doesn’t GS back the federal pension system? I think I read it somewhere.
The odds of Kos posters really understanding algorithmic trading code are lower than whale poop.
John Corslime, the current governor of NJ, was CEO of GS not too long ago. It should surprise no one if he went from running one criminal enterpise to running another.
I don't care about 2010. I don't care about 2012. I'm just waiting for the sound of gunfire.
Motion seconded and carried.
I dunno... even with a supercomputer, I am skeptical that any advantage can be taken before time runs out.
first of all you have to read every packet - billions and billions of them.
then you have to weed out all of the packets that are irrevelant, and are not finaincial trade oriented.
then you have to know and cross check the ‘current’ price of each stock to know whether to buy or sell.
then you have to actually buy or sell.
and the transaction would have to becoms finalized before the price changes.
and each step consumes precious milliseconds of clock time.
and when you consider tha nature of teh beast - the real-time price will be constantly changing, theoretically approaching the price you sniffed, so every millisecond means less ‘profit’, profit that would be in fractions of a cent anyway.
so there would be a small (less than a second) window of opportunity, during which the value gained diminishes, and there would be a lot of computing cycles...
I donn’t see how the value of extra nano-cents gains would justify the costs of such a system.
I ain’t complaining.
Some people are interested in other peoples comments on things.
Thus the reference.
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