Stay with me on this one, it gets weird. Sergey Aleynikov an ex-computer programmer for Goldman Sachs has been arrested for stealing their proprietary trading software. The software makes huge trades in milliseconds “to manipulate markets in an unfair way.”
Now you might think that manipulating markets unfairly is wrong and illegal. But apparently these rules apply to everyone but Goldman. How do I know this? Because Assistant U.S. Attorney Joseph Facciponti said so at a hearing about Aleynikov.
“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.”
If that “someone” is Goldman Sachs then apparently such manipulation is just fine. But no one else is allowed to do it. Hey, I’m just repeating what Goldman apparently quite literally told the government attorney to say.