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But the bank was humbled along with the rest of Wall Street in 2008 when the financial markets crashed. Goldman turned itself into a commercial bank holding company in September 2008 and managed to survive Wall Street's meltdown with the help of a federal bailout. By April 2009, Goldman announced that it was healthy enough that it would seek to raise new capital and return the money it had received from the government.
On July 14, it announced that it had earned second-quarter net profits of $3.44 billion, and on Oct. 15, it announced $3.19 billion more.
Did someone try to steal Goldman Sachs’ secret sauce?
The allegations, if true, are big news because the codes the accused man, Sergey Aleynikov, tried to steal is the secret code to unlocking Goldman’s automated stocks and commodities trading businesses.
The criminal case began to unfold on the evening of July 3 when Aleynikov was arrested by FBI agents at Newark Liberty Airport, after returning from Chicago. Aleynikov had just started a job with another firm in Chicago, after leaving the big firm in NY in early June. It appears the financial institution allegedly victimized by Aleynikov had alerted federal authorities that its former employee might be up to no good.
On July 4, Aleynikov was processed on a “theft of trade secrets” charge in a criminal complaint that was filed in federal court in Manhattan. As of this afternoon, he was still being held in federal custody pending posting of bail.
Are Goldman 360 clients (in)voluntarily signing off a release to be front ran by Goldman on any portal-based trade? Could Goldman please clarify just what "internal business purposes" means in the context of this overarching disclaimer, and also whether Goldman has ever actually used 360 submitted information in the decision making process of its prop trading desk?
Front running is the illegal practice of a stock broker executing orders on a security for its own account while taking advantage of advance knowledge of pending orders from its customers.
Insider Trading: Supermarket Lines, the Stock Market and Chance
By being privy to others' intended trades, and immediately and preemptively acting, it could reap profits that would make inside traders of the past look like underlings stealing pens and staplers from the company storeroom.
However accomplished, Goldman has enjoyed more than $100 million in trading revenue on more days than it hasn't this year.
Dear Mr Durbin:
This is in response to your recent blog about our web site disclaimer. It is quite usual for websites to have disclaimers that refer to the monitoring of site usage. Most web sites, including yours we noticed, track usage by their visitors. This is primarily used for marketing and to help inform decision about enhancing content.
Your suggestion that we monitor our web site to facilitate front-running is untrue and offensive.
Goldman, Sachs & Co.
The prospect of thousands of people making billions of dollars not because they produce anything of value or because they efficiently allocate resources to worthy companies, but simply because they have better, faster software is not a pleasant one to contemplate.
Originally posted by Bunken Drum
Great research OP!
I suspect you're right about the temptation to insider trading, but I dont think we need a recession to justify it in their minds. The workings of financial markets are always at best obscure & at worst downright esoteric: its very difficult for them to get caught...
Still, just like the Bank of England Nominees, GS are representing such huge investments that they kind of bend the market around them, a bit like planets bending space-time, so that smaller entities orbit round them. Thus its a case of pretty much whatever they do, the markets will go their way. That said BOEN are suspected of insider trading too...
The Federal Reserve, under attack in Congress for being too entwined with big banks, closed a loophole on Wednesday that allowed a director at Goldman Sachs to be a director of the New York Fed as the agency was bailing out Wall Street during the financial crisis.
Originally posted by St Udio
reply to post by kiwifoot
do not overlook the 100 cents on the dollar settlement
paid to 'GS' for the Swaps or Dirivatives with AIG as the counter party
~i recall that was a payment of $13 Billion the gov't paid GS on behalf of AIG's failure to have enough money to pay off GS for the 'Bets' they made for something like 12 cents on the dollar~