It turns out the little healthcare banking scuffle between UBS and Jefferies wasn’t the first time these two titans have clashed over some form of theft. UBS confirmed yesterday that it charged three former members of its algorithmic trading group with stealing 25,000 lines of source code and taking the trade secrets to Jefferies, a story first reported by Dealbreaker. The sticky-fingered trio are now integrated into Jefferies’ global quantitative strategies trading unit and, according to their lawyer, being tormented by their former employer for running away with code that they pinky swear isn’t being used.
UBS has twice pulled out of settlement talks and is hell bent on torturing my clients rather than finding out if the source code is being used.
Presumably UBS learned their lesson and gave Ben Lorello a full cavity search before letting him walk out the door.
UBS Charges 3 Ex-Employees With Code Theft [Securities Industry News]
Yes but can it manipulate the market if placed int he wrong hands Batman?
@1 nice. punk.
-blankfein
Batman: “Too many Bessarovian Cossacks around here, Robin. If I’d joined you in the fight, some of them may have been injured.”
Robin, looking at Batgirl: “You know something, Batman?”
Batman: “What’s that, Robin?”
Robin: “She looks very pretty when she’s asleep.”
Batman: “I thought you might eventually notice that. That single statement indicates to me the first oncoming thrust of manhood, old chum.”
O/T: Pethodoukas doesn’t know what he is talking about. Erin just had him and a mortgage broker on the show. The mortgage broker was saying that you cannot get a modification if you are current with your payments. This is true.Regular people are havign a very difficult time getting loan modifications. There is tons of paperwork and time limits and the system is designed in favor of the banks.
@2, go be a bank you big bank.
-CG
=if(price
I gave your mother a full…..Bah, even insulting you is getting to be a bore. I give up.
Greg,
I am not asking nicely anymore. Lube, 12 pack magnums, Franzia, now.
Love you!
Mom
@9
You’re a inspiration to us all, Ms. Michaels, what with your raising a special needs child by yourself.
greg,
here is a suggestion – cover maria bartiroma and what she is wearing today – got that trying out for the cleveland browns look – and i mean you should literally cover her – how about with a tent?
Lance Gotko (their lawyer) is naive to think that the just because the code has not been deployed or used anywhere at Jefferies it won’t be in the future. I personally know those three people and know that they are capable of this act. Understand the culture they come from. In many contries around the world especially Russia, China and India intellectual property has no meaning. Two of the guys worked on this system for over 5 years. I know they think they own this and not UBS!
If you read the lawsuit carefully you see that it was clear they had every intention of stealing their algo’s. This has been happening on Wall St. since there have been computers.
@12 Russia, China and India. I thought those were the only countries the developers were born. The rest is the management.
@13 I pooped a little.
Oh, and UBS Sucks a$ne$$
@12 Be very afraid then for the code your firm uses. It will be freeware one day!
In Soviet Russia code steals you!