Apologies all around to Doomers who have been putting up with my silly sidebar comments to the sillier stories on the Sergey Aleynikov story to now. As an excuse, I submit that as an obsolete burned out former techie who wasted much of his career doing things like trying to make MRPG work or (this one mildly successful) adapting Pascal source with MASM exits into an ANSI PL/I program to implement LZW compression on Multics multi-segment files (sorry about that, Mr. Sperry!), I sensed from early on that something important was going to come out of the Goldman IP affair. Just perhaps, this is it.[1] The author is quoting in this bit.
… GS, through access to the system as a result of their special gov’t perks, was/is able to read the data on trades before it’s committed, and place their own buys or sells accordingly in that brief moment, thus allowing them to essentially steal buttloads of money every day from the rest of the
puntersworld.
I believe the claim is that some of the GS types have been planting viruses in the software of the bloody switches, or other embedded telecom software, and that these little beasties have been discovering other customers’ trades just before they occur and acting first, right there in the middle of the IP (not that IP, the other one 
).
[1]: " ‘Incredibly Shrinking Liquidity’ as Goldman Flushed Quant Trading", by vets74, Daily Kos, July 7, 2009.
OK, anyone who reads this far should appreciate the real beast in the machine … "I’ve always wanted to do that!"
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