Goldman Sachs’ high-frequency trading system generates millions of dollars in annual profits for the firm. In June of 2009, computer programmer and former Goldman employee Sergey Aleynikov stole the system’s source code to use at his new company.
Some of Britain’s top traders and bankers would be asked to disclose their pay to the public under proposals presented Thursday in a government-commissioned report on how to avoid future financial crises.
In today’s edition of the GRC news roundup, we look at the CFTC review being faced by Goldman Sachs and Morgan Stanley as well as the antitrust probe facing Teva and Servier.
By Mr. James Bone – former Chief Compliance Officer for Fidelity Investments
No doubt, there will be many articles and commentary on the both the cause and the cure of the current financial crisis. These articles will explore the root cause from many angles and take the perspective of the author’s view based on their insights and participation in the solutions applied.
The purpose of this article is to take a step back and look at the current financial problems as a physician would a patient to diagnose the events as symptoms that led to the eventual financial health failures. What did the patient present as possible leading indicators to the catastrophic event?
David Viniar, CFO of Goldman Sachs, said this morning that with the company’s recent announcement of stronger-than-expected Q1 profits of $1.81 billion, repayment of TARP funds by Goldman has now become a duty.
Goldman Sachs Chairman and CEO Lloyd Blankfein has issued a public call for compensation reform in the financial industry. Blankfein believes “compensation should discourage excessive risk-taking that may put the company and the markets at risk.”
Oil & Natural Gas Corp and Goldman Sachs are at odds over potential corporate governance concerns at the company. A recent Goldman report criticized ONGC and questioned its investment value based in part on its 74% control by the Indian government.
