> He wasn't a pit trader, and GS isn't a pit. Pit trading changed a lot in the late-90's. And moved to Level-2 systems in office buildings with near real-time

> He wasn't a pit trader, and GS isn't a pit. Pit trading changed a lot in the late-90's. And moved to Level-2 systems in office buildings with near real-time access to all ECNs giving a unforeseen level of control and participation (yay tech!). As expected all proprietary traders and everyone else called it the pit. And sure, GS isn't a pit. But until late 2009 - early 2010 when they wound up most of their proprietary trading business in response to Dodd-Frank they were one of the mightiest pit traders, with multiple seats on every pit, this was beyond their market makers and remote traders. Their trading activity on CME (Chicago Mercantile Exchange) was legendary. Some would say they had seats on the exchange, other may say they owned the pit (figuratively). But you're right that still doesn't make them a pit.