Goldman Sachs could have some serious problems, to say the very least.
From Reuters:
Questions were raised about the security of proprietary trading systems at a court hearing on July 4 for a former Goldman computer programer arrested on a charge of stealing the information, which was copied to a server in Germany.
If the stolen information, or trading code, is allowed to go to a competitor who can start trading with it, “the bank itself stands lose its entire investment in creating this software to begin with, which is millions upon millions of dollars,” warned U.S. prosecutor Joseph Facciponte, according to a transcript of Saturday’s proceeding.
One question. Where is the f*ck was Sergey Aleynikov’s common sense when he needed it? His current day job gave him the boot due to the theft and who can really blame them.
They show that Aleynikov, a father of three and a dual national of the United States and Russia, told the FBI he was cooperating because “I did not think I was doing anything wrong” when he downloaded copies to his personal computer, laptop and to a flash drive.
I have to call bullshit on this point as Aleynikov sent out the code on his last day at the company. I can’t help but, stare in wonder. I could not imagine doing something like that to jeopardize my family.
The part of this that is interesting is the question that was posed by Aleynikov’s attorney was,
She told U.S. magistrate judge Kevin Fox that “if Goldman Sachs cannot possibly protect this kind of proprietary information that the government wants you to think is worth the entire United States market, one has to question how they plan to accommodate any other breach.
Interesting point.