- Policymakers will meet again in Mexico in November in an attempt to revive the climate change talks."********
- "(B)ecause of the way this software interfaces with the various markets and exchanges, the bank has raised a possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways," Joseph Facciponti told a federal magistrate in an unusual Saturday afternoon bail hearing -- and not just any Saturday afternoon, but the Fourth of July.
- absconding with the code for the Goldman program and uploading it to a server in Germany, shortly before leaving the firm to take a job with a Chicago start-up for three times his $400,000 a year Goldman salary.
- "What the defendant is accused of having stolen from the investment bank (later identified by defense counsel as Goldman Sachs) is their proprietary, high-quantity, high-volume trading platform with which they conduct all of their trades in all major markets in the United States and other places." (emphasis added)
- In other words, Goldman already uses the software. Implicit in Facciponti's court statements is that
- Theoretically, this would allow GS to buy (or sell) stocks, selling (or covering) them back to the now compromised trader towards the end of their purchase (sale). Or, they could take a position, assuming there was more flow behind the initial order. Or, they could arbitrage a few fractional cents each trade.
In his thoroughly-researched and well-sourced book, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street ($27.95 Doubleday), William D. Cohan writes of a crucial moment in that meltdown. He quotes an unnamed Bear executive describing how they were trying to value, or "mark", mortgage-backed securities, a process by which the SEC required that they averaged the highest and lowest marks provided by other firms. The executive said the marks were coming in at 97 or 98 cents on the dollar, when Goldman Sachs pushed the market over the cliff:"...from American Thinker, 7/14/09,by William Tate, "Will Dems Allow Goldman Sachs to Manipulate a Cap and Trade Market?"