At Goldman Sachs, at least one analyst who heard the salesman’s speech that morning was shocked by the brazenness of the arrangement. Nobody was proposing anything that was against the law, exactly. But it made the analyst uncomfortable. It gave SAC a huge advantage in the market. With early information about a new “buy” or “sell” rating that was coming on a stock, SAC could anticipate what other investors were going to do in response to the news and buy or sell a split second before anyone else, accumulating tiny crumbs of profit that could add up to significant sums. Sleazy might have been
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