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.
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