GOLDMAN SACHS BANS EMPLOYEES FROM BETTING ON PREDICTION MARKETS

[acroman08]

Sounds like they don't want their company to be involved in prediction market insider trading, and manipulation drama. I mean, there are already people who got arrested for using insider information to try and profit by betting on prediction market.

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

The article mentioned "Bitcoin pricing" as one of the prohibited contracts their employees can't bet on. I am guessing there are more cryptos included, but the article probably only mentioned Bitcoin because "Goldman representative offered no comment on the specifics of the policy beyond noting that trading on material, nonpublic information is prohibited across every market the bank operates in".

Goldman representative offered no comment on the specifics of the policy beyond noting that trading on material, nonpublic information is prohibited across every market the bank operates in

Among the prohibited contract types are bets on whether Goldman will undertake a restructuring within a particular quarter or pursue a corporate acquisition. The policy also names ceasefire timelines in active conflicts, Bitcoin pricing, and the regulatory fate of pending mergers as further examples of off-limits contracts.

[Perfectbaby]

To be honest banning them entirely from gambling could have been the best options as I know because even though are only limited to certain range of gambling it is possible for them to still leak the information to others or relative to gamble for them. So the best should be that as long as you associated their company they should entirely ban all staff not to gamble anymore and that is what other companies out there should be emulating in order to make good records of their staff not to jeopardise and compromise with their data.

[Wakate]

To be honest banning them entirely from gambling could have been the best options as I know because even though are only limited to certain range of gambling it is possible for them to still leak the information to others or relative to gamble for them. So the best should be that as long as you associated their company they should entirely ban all staff not to gamble anymore and that is what other companies out there should be emulating in order to make good records of their staff not to jeopardise and compromise with their data.

Why would they be banned from gambling? What does interest does the company has with the prediction market to make them want to restrict their employees from gambling. Any employee that want to gamble can do that in their homes not to breach the companies rule for workers not to gamble. People that may have access to vital information that can make them win can sell the information and get paid avoiding not to breach the rules and ethics of their jobs.

[Cointxz]

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

This raise an important question on how they will monitor whether their employees are following or not since anyone can open an account under different name and I doubt prediction market site will share customer information to Goldman Sachs management to verify their employees betting history.

What is worst is they still allowed them to gamble on that particular platform leaving the judgement to employees themselves to avoid restricted bet.

[Fivestar4everMVP]

This approach taken by Goldman should also be emulated by other big organisations which know that information from their organisations can be used by their employees, like the recent case of a Google employee making $1.2m from a prediction market for having access to information which is not yet public; at least it will limit the involvement of employees from taking advantage of the information they have in such situations.

Goldman Sachs has updated its personal trading policy to ban employees from wagering on prediction market contracts, according to Bloomberg. Employees at Goldman Sachs are now prohibited from placing prediction market bets on event contracts involving specific companies, electoral outcomes, financial market performance, macroeconomic data, and geopolitics, after the bank revised its personal trading rules, Bloomberg reports. Sports and entertainment bets remain permitted under the policy.

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

This is good, I completely agree that this is something or the type of rule other big companies should emulated or copy and implement in their terms as well..
Because like we all will agree, the prediction market is just coming up and I few years time, almost everybody in every part of the world will want to look for the next loophole to exploit to make money through the use of prediction market..

Any body can go on prediction market to create a contract saying the MD of a company will resign before a certain time, when he or she already knows that the MD has scheduled to resign, such a bet won't be fair for those who will bet against it because they have no knowledge of the company, and likely don't also know that the one who initiated the bet is a worker in the company and has the information already.. This is why every company must ban their employees from betting on the prediction market, atleast on some specific kinds of bet..

[iv4n]

I saw one or two:

Several notable documentary films explore Goldman Sachs, its corporate culture, and its massive influence on the global financial system...

This is not a surprise... they run the world, and they definitely have access to all types of sensitive info. So this is not about gambling, as much as it's about making sure their employees don't create problems for the company. If one of them crosses the line, the cost could be much higher than any bet...

I think we can expect other banks to take similar actions... It's just a question of time.

[TastyChillySauce00]

I was hoping they would ban their employees to play in all of events in prediction market. It's because employees in Goldman Sachs calibre obviously hold so many sensitive data related to the various things except sports. Yeah i feel a bit disappointed it's not happened, but at least they show responsibility over their employees not to extracting the retails like what google employee did. So less people with insiders advantages will able to extract retails money. I only hope other companies will also try to follow this. It's a criminal to see employees of big companies retired earlier because they are extracting millions from retails.

This prediction market needs to be fully regulated.

[aioc]

.. like the recent case of a Google employee making $1.2m from a prediction market for having access to information which is not yet public; at least it will limit the involvement of employees from taking advantage of the information they have in such situations.

It's very tempting for an employee to make money by exploiting the company's sensitive information through a prediction market, so the company takes precautions to prevent what happened to Google from happening to it.
Many large companies and governments are aware of the exploitation of sensitive information, so they are likely to follow Goldman Sachs' lead.
But even with the ban order in place, there will be employees trying to exploit it and conceal their identities.

[Sticky Bomb]

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

You are not an employee of Goldman Sachs, so you're free. A quick search with Meta AI on the nature of services Goldman Sachs provides, I see this

Goldman Sachs is a leading global financial institution that provides investment banking, securities, asset and wealth management, and platform solutions. Founded in 1869 and headquartered in New York, it serves corporations, financial institutions, governments, and high-net-worth individuals worldwide.

They do investment banking and manage portfolios of high net worth individuals, so they can have a good deal of insider information if a whale wants to manipulate gold, bitcoin or any of these investment vehicles by where funds are flowing into, so I don't blame the company from placing the ban.

[Dunamisx]

On a normal day a company should have some of their policy that will guide their employees from what they should do and the ones they should not, when it comes to polymarket, it is expected that there employee should be prevented from partaking in anything that has to do with this prediction because they will definitely have a clue at some point about the actual condition of what is going to transferred and it may be an advantage they are going to take over them being an insider to win, so I will therefore support the policy to prevent any employee from playing.

[Zlantann]

Why would they be banned from gambling? What does interest does the company has with the prediction market to make them want to restrict their employees from gambling. Any employee that want to gamble can do that in their homes not to breach the companies rule for workers not to gamble. People that may have access to vital information that can make them win can sell the information and get paid avoiding not to breach the rules and ethics of their jobs.

Goldman Sachs offers services like investment management, investment banking, and securities services to customers. This company is has a market value of about $323.5 billion. This company's policies can affect the market of different sectors. So, an employer that has access to some information and uses it to benefit from a trade in a prediction market.

Employees of such an organization would be closely monitored. They will be punished for sanctioned if an investigation proves that they are breaking the policy of Goldman Sachs.

[nelson4lov]

Crypto exchanges should learn to do this too and crypto projects as well. I remember the case of a project that used insider information to take a trade on prediction market on what marketcap/fdv their token will be simply because as the team, they knew an announcement was coming from them that would give them 100%, guaranteed win and they weaponized it. That sort of thing is completely wrong because the playing field is no longer level.

I commend the Goldman Sachs team for that. If their employees are wiser than the crowd, they should try to replicate such wins without insider information.

[salad daging]

To be honest banning them entirely from gambling could have been the best options as I know because even though are only limited to certain range of gambling it is possible for them to still leak the information to others or relative to gamble for them. So the best should be that as long as you associated their company they should entirely ban all staff not to gamble anymore and that is what other companies out there should be emulating in order to make good records of their staff not to jeopardise and compromise with their data.

Why would they be banned from gambling? What does interest does the company has with the prediction market to make them want to restrict their employees from gambling. Any employee that want to gamble can do that in their homes not to breach the companies rule for workers not to gamble. People that may have access to vital information that can make them win can sell the information and get paid avoiding not to breach the rules and ethics of their jobs.

Although there are some exceptions we never know that these employees can sell information to others to get paid, it could be that if they win they get a commission.
We never know about this covert matter, which obviously I don't pay much attention to how employees will be, for those who obey may not violate the rules that have been made by his company.

[Franklyn-wood]

On a normal day a company should have some of their policy that will guide their employees from what they should do and the ones they should not, when it comes to polymarket, it is expected that there employee should be prevented from partaking in anything that has to do with this prediction because they will definitely have a clue at some point about the actual condition of what is going to transferred and it may be an advantage they are going to take over them being an insider to win, so I will therefore support the policy to prevent any employee from playing.

Proper restrictions should be given to every employee in the organization mandating them to a level or not participate any thing that has to do or affect there jobs. I learned that for you to work in some reputable companies, you have to start pledge your allegiance to abide by the rules that governs the company, especially those at the top position in the company to help maintain orderliness protecting the companies interest and policies.
For Goldman to ban betting, it is not a crime, maybe some of the workers are giving out clues to outside for money or they themselves are gambling having gotten some vital information about the games. They are only trying to protect the interest of the company with the policies, anyone who refuses to obey will loss his or her job which no body will want to.

[hyudien]

Although actions like this seem unfair, because it means the company controls the personal pleasure of each of its employees, but actions like this still need to be done, there have been many cases of workers who use their company information to make bets, such as in the case of Google, but steps like this are actually not very useful, because there are still loopholes where they collaborate with other people by providing this information.

[Slow death]

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

What if employees give information to relatives, and those relatives create accounts and place bets? How will the company find out? The answer is that the company won't find out, and neither will the betting prediction company. The truth is that in betting prediction markets, it will be impossible to stop bets placed by people with insider information.

Currently, it seems that such people don't use their brains very well, but over time they will start to use their brains properly and will realize that they don't need to open accounts on betting prediction sites themselves; they only need other trustworthy relatives to open accounts and place bets using their insider information. That's why I prefer to stay away from betting prediction markets.

[Ronsbit]

Why would they be banned from gambling? What does interest does the company has with the prediction market to make them want to restrict their employees from gambling. Any employee that want to gamble can do that in their homes not to breach the companies rule for workers not to gamble. People that may have access to vital information that can make them win can sell the information and get paid avoiding not to breach the rules and ethics of their jobs.

What I just saw there is that the organisation is just trying to avoid what happened to Google from repeating itself, so the earlier they take the decision to safeguard their organisation, the better for them.

It is true that information could still leak, and it would definitely be an insider who would do it in exchange for sharing proceeds with whoever they could strike the deal with, and I wonder what the organisation could do about it when they can not tell who did it since anyone can predict which could be right or wrong.

[robelneo]

Many companies are now seeing the threat of prediction market, which is why they are taking their own action; they have to screen their current rankand files and incoming employees because a ban is useless if these employees can manipulate their way and bet on the prediction market.
What happened to Google is huge to ignore, and companies will have to keep guard of the leak or their information being exposed on prediction market.

[JoyceBTC]

Although actions like this seem unfair, because it means the company controls the personal pleasure of each of its employees, but actions like this still need to be done, there have been many cases of workers who use their company information to make bets, such as in the case of Google, but steps like this are actually not very useful, because there are still loopholes where they collaborate with other people by providing this information.

Before the company took this actions something must have happened which has affected the privacy of the company. The employees has the right to protest after the ban if they have not use the company's information to make a bet which the company finds disturbing but before this action was taken they should have sanctioned their workers and or sacked those who they find using their information to gamble because now that they no longer permits them to gamble they could steal the information and send it to others who would use it to make a bet and the company may not find out.

[stadus]

Many companies are now seeing the threat of prediction market, which is why they are taking their own action; they have to screen their current rankand files and incoming employees because a ban is useless if these employees can manipulate their way and bet on the prediction market.
What happened to Google is huge to ignore, and companies will have to keep guard of the leak or their information being exposed on prediction market.

It does not look like a full threat because it is just information being leaked, and then bettors can put money based on their prediction.

Of course, those who have the information will have an advantage. Goldman is just giving directions and making it clear that it is unethical for their employees to bet because they might have information coming from within the company.

It can also create a scandal for the company, as people might think they are feeding inside information for their own benefit.