A Hacker's dream - Already exploited by Goldman

dsm56

dsm56

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Oct 10, 2006
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I just found this article:

Daily Kos: State of the Nation

Summary
Few days ago Goldman lost some secret code that one fired programmer coded. Now some evidence suggests that with this software Goldman was able to read transactions in the NYSE before the commit time, allowing them to place bets in anticipation of these transactions. Making them $100m per day.

As the article says, this is up there with Arthur Anderson. I highly doubt anything will happen to Goldman though.

This is insider trading in the purest form. I really hope this will be investigated and somehow revealed if true, but I've always had this feeling Goldman is a lot bigger and powerful than it shows. I doubt they would go down.
 


this theory is total bs btw. no way was goldman doing that. they dont want peeps to trade against them using their own algos thats all (not betting on mkt direction only betting that goldman will make a trade and directly take money from gs that way by frontrunning)
 
I worked for Goldman and spent countless days watching their crazyass $3,000,000 /yr traders do their crazy shit on 8x monitor setups. Those guys are some of the best mathematicians and scientists in the world, and they know their shit.

PS: Fuck DailyKos.
 
invisible777 said:
I worked for Goldman and spent countless days watching their crazyass $3,000,000 /yr traders do their crazy shit on 8x monitor setups. Those guys are some of the best mathematicians and scientists in the world, and they know their shit.
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yes.
 
dsm56 said:
As the article says, this is up there with Arthur Anderson. I highly doubt anything will happen to Goldman though.
Click to expand...

I'm sure you know that Andersen was actually acquitted by the Supreme Court, right? As in, Andersen didn't actually do (some, most or all) of what everyone managed to pin on them?

For the record, I started at Andersen in Risk Consulting 3 months before Enron went to pieces. It was an interesting ride from the inside.
 
$100m per day huh? That means that of their 1.8 Billion quarterly net profit, $9 Billion came from this program alone? I wonder what they are doing with 25k employees when they only need one program to earn them 4.5x what they already are.

Hmmm... you know, just because it is written doesn't mean it is true. Easy math can debunk many myths... critical thinking people, critical thinking.
 
invisible777 said:
I worked for Goldman and spent countless days watching their crazyass $3,000,000 /yr traders do their crazy shit on 8x monitor setups. Those guys are some of the best mathematicians and scientists in the world, and they know their shit.
Click to expand...
Except anyone with half a brain knows you can't model markets accurately.

Read some Nicholas Taleb.

The fact that Goldman is always a winner, isn't a testament to their genius, it's a sign that the game is rigged.
 
greenleaves said:
$100m per day huh? That means that of their 1.8 Billion quarterly net profit, $9 Billion came from this program alone? I wonder what they are doing with 25k employees when they only need one program to earn them 4.5x what they already are.

Hmmm... you know, just because it is written doesn't mean it is true. Easy math can debunk many myths... critical thinking people, critical thinking.
Click to expand...
Thinking? THINKING!?
Fuck you, Greenleaves, that's why I bought a computer! It thinks for me with the Googles! Now excuse me, I've got to take my acai suppository so I can lose wait whilst I post links about it to earn hundreds of dollars and eat more potato chips.
 
guerilla said:
The fact that Goldman is always a winner, isn't a testament to their genius, it's a sign that the game is rigged.
Click to expand...

True.

The algo wasn't predicting sales, it identifies and exploits minute discrepancies in the market. If you want to learn about some guys who really know what the fuck they're doing read up on Renaissance Technology's Medallion Fund. James Simon, CEO RT, cleared approx. $2.4 billion in 2008.
 
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