07.03.12

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Banking Sector Suffers From Patents Too, Goldman Sachs Getting Well Armed With Patents

Posted in Novell, Patents at 9:22 am by Dr. Roy Schestowitz

Coins pile

Summary: Software and business method patents in the financial meta-industry

THE patent litigation frenzy has been carrying on. Non-producing companies like the infamous fraudsters from Goldman Sachs are also arming themselves with patents. To quote:

By one estimate, Goldman Sachs holds 387 patents and patent applications, of which many no doubt relate to trading algorithms and general software processes.

A few months ago there was coverage of the patent lawsuitagainst USAA and some sources said:

Developer of bank apps to fight USAA patent infringement suit

Mitek Systems Inc., the software developer that has fallen by half since a customer accused it of misappropriating check- imaging technology, said it has the resources to fight the lawsuit filed last month by insurer USAA.

Mitek Systems has “sufficient resources to pursue this aggressively,” Chief Executive Officer James DeBello said in an interview April 9. The San Diego-based company continues to work with San Antonio-based USAA, he said. “We are a core part of the key product offering.”

This one affects software developers the most. They are being devalued. Generally speaking, the fake ‘industry’ of hedge funds and the likes of them helps devalue everything except itself. Patents are just more fake ‘assets’ to gamble on, pretending they have value to back loans with. It was a hedge fund that mercilessly destroyed Novell, for those who forgot (links below). Novell’s patents got funnelled to monopolists. █

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