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  • Federal Government Asks for Closed Courtroom to Protect Goldman Sachs Secrets

    10/31/2010 6:00:30 PM PDT · by ex-Texan · 34 replies
    AllGov News ^ | 10/29/2010 | By Noel Brinkerhoff, David Wallechinsky
    The U.S. Department of Justice has requested that a federal judge seal the courtroom of a trial involving computer code theft in order to protect trade secrets of Goldman Sachs. Sergey Aleynikov was arrested by the FBI on charges of stealing computer code that supports Goldman’s high frequency trading system, which allows the bank to buy and sell stocks in a fraction of a second. Goldman Sachs and others use “flash trading” to send out automated sell offers at higher and higher prices until one comes back with no buyer. The program then drops back to the highest acceptable price...