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Why do Goldman's profits have to be mentioned in so many articles about this "code theft"? Does the fact they've just made lots of money, regardless of what ac
by yangyang 17y ago
Why do Goldman's profits have to be mentioned in so many articles about this "code theft"?
Does the fact they've just made lots of money, regardless of what actually happened regarding this programmer, change the meaning of right and wrong?
- joezydeco 17y agoIf the code is part of the reason for Goldman's huge profits, then let's hear about it. There are a few sites accusing GS of packet-sniffing the NYSE electronic exchange and slipping in their trades microseconds before the real trades take place. Those are rumors. One known fact is that Goldman was pulling down USD $100,000,000 per DAY in profits from their automated trading systems. That's a hundred million dollars. A day.
- yangyang 17y ago> One known fact is that Goldman was pulling down USD $100,000,000 per DAY in profits from their automated trading systems. That's a hundred million dollars. A day. I don't think that is a "known fact" at all. All I've found is "more than $100 million in trading revenue on a record 34 separate days during the first three months of 2009" (http://www.business-standard.com/india/news/goldman-sachss-100-million-trading-days-hit-record-in-quarter/357270/ http://www.business-standard.com/india/news/goldman-sachss-1...). That's firmwide revenue, from all their trading activities, not just automated trading. And it's not "every day".
- joezydeco 17y agoOkay, I'll concede that. What I won't ever believe is that Goldman made 100 million dollars in profit trading securities and commodities only for customers in this current economic climate.