Goldman IT not so intelligent

Today's report of "2 Accused of Stealing a Trading Firm's Code" reminded me of Michael Lewis's article in Vanity Fair about the very same issue and where after all the mindless prosecuting and jailing it is Cyrus Vance, Manhattan District attorney, and Goldman Sachs who come out looking like they don't know what they are doing.
I bring it up solely for the fact that Goldman's vaunted high speed trading prowess apparently is not. Those managing the program do not understand that, while proximity gives a slight edge in the speed of light transaction, if your logic is a patched together piece of convoluted gobbledy gook, then you arrive late and out of luck.  I think high speed trading is a waste. But to participate in a waste and not be good at it is like being declared second runner up in the nit wit club.

September 1 Postscrpt

Reading Code Blue in the Economist and I smell Goldman's IT rat as the culprit for the three hour crash at the NASDAQ last week. Not only are they incompetent, but now it appears they are dangerous.

Antitrust and creative destruction

The Government is great at putting on an antitrust suit just when the forces of creative destruction are sweeping away the status quo.  I disagree with Paul Krugman's assessment in "The Decline of E Empires" that  monopolists, especially in the very fluid IT business, are affected by government action in any manner.  The Justice department and the European anti monopoly agency is laughably out of it fighting calvary assaults as if the browser wars has anything to do with current fifth generations apps.

Say it ain't so, Joe

Joe Nocera just went off the deep end in his editorial of today where he actually broaches the idea of keeping  Fannie and Freddie.  Joe, didn't you read Gretchen Morgensen's book,  Reckless Endangerment?  Mixing public and private commerce can only lead to the eventual "heads" banker win "tails" taxpayer loses fiasco we suffered in 2008.  Please, keep the system clean of stupid exceptions that a congressman can drive an aircraft carrier through and don't let Fannie and Freddie live.  That goes for the other GSE's, such as Sallie Mae and Farmer Mac,  as well,