December 11, 2010 |
A computer programmer accused of stealing software from Goldman Sachs Group Inc. faces up to 15 years in prison after being convicted on two federal criminal counts. A U.S. District Court jury in Manhattan found Sergei Aleynikov, 40, guilty Friday on one count of economic espionage and one count of transporting stolen goods across state lines. He is set to be sentenced in March. Aleynikov, who worked on Goldman's high-frequency-trading desk, was arrested a month after he quit the investment bank last year to work for a Chicago start-up, Teza Technologies, which was trying to build its own trading operation.
October 9, 2010
SATURDAY Good Morning America (N) 7 a.m. KABC McLaughlin Group 6:30 p.m. KCET The Chris Matthews Show Bob Woodward, the Washington Post; Andrea Mitchell; David Brooks, the New York Times; Katty Kay, BBC. (N) 5:30 a.m. KNBC SUNDAY Today The significance of 10-10-10. (N) 6 a.m. KNBC Good Morning America (N) 6 a.m. KABC State of the Union With Candy Crowley Midterm elections: Democratic Congressional Campaign Chairman Rep. Chris Van Hollen (D-Md.); Rep. Kevin McCarthy (R-Ca.
June 3, 2010 |
Federal regulators still haven't been able to pinpoint the cause of Wall Street's so-called flash crash a month ago, but more than two dozen experts Wednesday told the Securities and Exchange Commission what might work to prevent a repeat — and what won't work. SEC Chairwoman Mary L. Schapiro said the agency was "making progress" in its ongoing review of the market turmoil of May 6, when the Dow Jones industrial average plummeted 700 points in just 15 minutes. Schapiro last month proposed changes to stem future nose dives, most notably a temporary plan for a circuit-breaker mechanism that would halt trading for five minutes in all shares of companies in the Standard & Poor's 500 index should any single stock price change at least 10% during a five-minute period.
September 2, 2012 |
Over the last three decades, public companies have shifted their focus from promoting long-term growth to maximizing "shareholder value" (a euphemism for share price) in the short term. And the federal government has embraced this religion. In 1993, Congress changed the tax code to require companies to link executive pay to "performance" (typically stock price). The Securities and Exchange Commission over the last two decades has adopted rules to make corporate directors ever more "accountable" to shareholders.
March 26, 2012 |
After causing a brief crash in Apple stock, sparking investor confusion and withdrawing its own initial public offering Friday, the high frequency trading exchange BATS Global Markets seems to be glitch-free Monday. But it must've been a rough weekend for executives at the Better Alternative Trading System, one of the largest stock exchanges in the U.S., where more than 10% of trading happens. BATS, which is based in Kansas City and has offices in New York and London, had expected to be riding high after using its own platform Friday to launch its stock.
October 2, 2010 |
A highly anticipated government report about the "flash crash" of May 6 blamed the sudden stock market plunge on an unusually large order placed by a single firm that set off a cascade of selling among computer-driven, high-frequency traders. Federal investigators found that the crash ? which caused the Dow Jones industrial average to sink by nearly 1,000 points before recovering ? was set off by a trading firm's effort to sell $4.1 billion in specialized futures contracts. Prior to the release of the report Friday, the crash had been widely blamed on high-frequency traders, who use computer programs to transact massive trades.