Comments on: Words from the (investment) wise July 12, 2009 http://www.ritholtz.com/blog/2009/07/words-from-the-investment-wise-july-12-2009/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 21 Nov 2009 19:03:21 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: mcHAPPY http://www.ritholtz.com/blog/2009/07/words-from-the-investment-wise-july-12-2009/comment-page-1/#comment-192602 mcHAPPY Sun, 12 Jul 2009 19:20:35 +0000 http://www.ritholtz.com/blog/?p=31968#comment-192602 “‘The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,’ Facciponti said, according to a recording of the hearing made public today. ‘The copy in Germany is still out there, and we at this time do not know who else has access to it.’ “The proprietary code lets the firm do ’sophisticated, high-speed and high-volume trades on various stock and commodities markets,’ prosecutors said in court papers. The trades generate ‘many millions of dollars’ each year.” ------------------------------------------------------------------------------------------------------------------------------- So GS can manipulate the markets but no one else can? .....unless we come up with our own software I guess. “‘The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,’ Facciponti said, according to a recording of the hearing made public today. ‘The copy in Germany is still out there, and we at this time do not know who else has access to it.’

“The proprietary code lets the firm do ’sophisticated, high-speed and high-volume trades on various stock and commodities markets,’ prosecutors said in court papers. The trades generate ‘many millions of dollars’ each year.”
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So GS can manipulate the markets but no one else can? …..unless we come up with our own software I guess.

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