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Justice in an Oligopoly

In an official court proceeding, federal prosecutor Joseph Facciponti told a federal judge that "[Goldman Sachs] 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." That is a scandalous allegation, isn't it? A federal prosecutor admits that Goldman Sachs has market-manipulating software. What do you suppose happened? Rather than indict Goldman Sachs for having software that "somebody [could] use .. to manipulate markets in unfair ways," the federal government indicted a computer programmer for stealing the code! After a show trial where portions of the proceedings were sealed from the public view, Sergey Aleynikov was convicted: A jury has found a former Goldman Sachs computer programmer guilty of stealing source code from the bank?s high-frequency trading platform...continue to full post

Full post as published by Crime & Federalism on December 10, 2010 (boomark / email).