Appeals court tosses GS HFT software guy’s conviction

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By Pulp Cutter

It’s absurd that GS was able to get an esiponage (not commercial espionage) charge to stick, against this guy, while the entire CDS and robosigning frauds (and countless others) go unpunished.

Further, HFT itself brings no socially-redeeming value, and basically consists of (paraphrasing Newt “I dorked other women out of concern for America” Gingrich) “clever legal ways of skimming money from the system”. HFT would have been banned long ago, were the electorate even vaguely paying attention. It’s a fact that prosecutor’s offices around WallSt are profoundly understaffed (intentionally so – William Black has documented this in detail). Spending those scant resources on this guy is an outrage. How about the ‘high frequency’ of Linda Green signatures of hundreds of thousands of mortgage documents?

Apparently the appeals panel issued the ruling, but we’re going to have to wait for the wording on the decision.

Excerpt (Bloomberg):

The appeals court judges — Dennis Jacobs, 67, Guido Calabresi, 79, and Rosemary Pooler, 73 — also asked if the taking of Goldman Sachs’s trading code was comparable to taking copyrighted material or bringing an employee manual to a new job.

Aleynikov’s lawyer, Kevin Marino, argued that the trial judge had “bent over backward” to let the government apply the espionage statute and said the case belonged in state court.

“We are deeply gratified that the court of appeals has roundly rejected the government’s attempt to expand the scope of these federal statutes,”

 

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