Top financial firms rush to secure patents

And so patent mania has hit Wall Street. Like software and biomedical firms, Wall Street is in a rush to patent anything it can. The New York Times notes that companies like Goldman Sachs and Citigroup are "building up stockpiles of patents on processes like software-based pricing, trading and risk analysis systems and products like credit cards, exchange-traded funds and exotic derivatives." Goldman reportedly has hundreds of applications in the works. This will inevitably lead to more suits that some will deride as quasi-legitimate.

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