According to the FBI, Goldman Sachs fell victim to potentially one of the most costly losses of information ever when one of their computer specialists decided that the $400,000 a year he was being paid was not actually sufficient compensation for his talents and decided to move to another company who were prepared to treble his salary.  In the few days before he left, the employee apparently copied part of the code controlling Goldman Sachs’s electronic trading platform which enables them to respond almost instantly to market movements (probably in a way that makes those market movements even more destasbilising for the rest of us but is highly profitable for Goldman Sachs).

Of course, it could have been worse, he could have tinkered with the code as well before he left, so that the trading platform would have bankrupted Goldman Sachs instead of making them enormous profits.  At least, I assume that would have been worse …..

Moral: be nice to the geeks in your IT department.

Share:
  • Print
  • Facebook
  • Twitter
  • LinkedIn