Wall Street Traders Charged With Copying Code To Start Their Own Company 145
coondoggie writes "Talk about starting a business on shaky ground. The Manhattan District Attorney's office says former Wall Street traders stole electronic trading source code and data from their then trading firm in an effort to start up their own financial business."
Sending yourself pilfered code through your company email account is probably not the wisest plan.
Re:Wasn't that how Microsoft got started? (Score:5, Informative)
No, he actually bought it... at bargain basement prices because he didn't tell Tim Paterson that he had IBM as a customer.
Re:It's about time... (Score:4, Informative)
I'm not sure who Millikan is. Do you mean Milken? He's a free man and also a multi-billionaire.
Re:It's about time... (Score:4, Informative)
Yeah, this is pretty much just a story of idiots.
Where did that model come from?
I guess it depends on the firm. The ones I worked for based their model on Black-Scholes (http://en.wikipedia.org/wiki/Black%E2%80%93Scholes) But that may have been specific to the instruments they were trading. The models were well known and based on published work and any edge they had was based on application or speed.
I agree they were idiots as Sarbanes-Oxley requires the retention of all company email.