Ex-Goldman programmer Inquisition Continues – Did He Really Steal the Algorithms or Just Worked on Code from Home?
Posted Aug 17 2009 10:36pm
This story is getting pretty interesting with the talks ongoing with the former programmer who was accused of stealing the computer code and algorithms. Everyone is worried it could cost Goldman and the stock exchange a lot of money? Well I think if one were going to steal through software, he would have had a better plan. Just like Wall Street, Health insurers have proprietary algorithms, ones we never get to see the internal code and workings, that make the decisions possible, rescission, denying a claim, etc. all based on business intelligence with mining the web and other networks.
Anyway, something to keep in mind when thinking about reform, no open source here and
Would Goldman short the Health Care stocks to zero if reform goes through? This is a good question and something to think about, really think about. The Executive branch of our government is working hard to catch up, but with no competition the eggs are all in their baskets. Algorithms break or make claims and other financial decisions. BD
Goldman has the latest version of the Inslaw/PTECH/PROMS software and front run the market including their own clients, that's how they get their money throughs software with accelerated business intelligence algorithm and aggregation capabilities. BD
NEW YORK (Reuters) - A federal judge has granted more time for the government to seek an indictment against or work out a settlement with a former Goldman Sachs Group Inc programmer accused of stealing trade secrets, after the programmer's lawyer said she wants the case dismissed.
U.S. Magistrate Judge James Francis delayed further proceedings by 30 days until September 16 to let the government and Sergey Aleynikov, the former programmer, continue talks.
Prosecutors have accused Aleynikov of downloading stolen Goldman proprietary code onto a home computer, a theft that could cost the Wall Street bank millions of dollars.
Aleynikov has told investigators that Goldman knew he had worked on the relevant code from home previously without complaint, and that he had no intent to steal. Aleynikov worked at Goldman in New York for two years before joining Chicago-based Teza Technologies LLC in June. Teza suspended him following his arrest.