Trader At Heart Of Goldman Suit: I Sold Shoddy Mortgage Products To 'Widow And Orphans'

[babylonsister]

Trader At Heart Of Goldman Suit: I Sold Shoddy Mortgage Products To 'Widow And Orphans'
Ben Frumin | April 26, 2010, 4:48PM


It sure sounds like Goldman Sachs bond trader Fabrice Tourre knew exactly what he was doing.

In a series of 2007 emails released over the weekend by Goldman Sachs, Tourre, who was charged earlier this month in the SEC's civil fraud case against Goldman, comes across as a sly dealer of financial products that he seemed to know were ticking time bombs -- bragging about selling them to a "widow and orphans" -- but also as someone ethically conflicted about doing so.

Tourre, along with Goldman Sachs CEO Lloyd Blankfein, Daniel Sparks, a former head of the mortgages department, and a number of other Goldman executives are expected to testify tomorrow before Sen. Carl Levin's (D-MI) Senate Permanent Subcommittee on Investigations. Blankfein is expected to deny betting against mortgages -- although emails released by Levin over the weekend appear to show that the investment bank knowingly made money betting against the mortgage market -- and mortgage securities that it was selling to investors.

Toure's email record doesn't look all that good either.

more...

http://tpmmuckraker.talkingpointsmemo.com/2010/04/trader_at_heart_of_goldman_suits_emails_i_sold_sho.php?ref=fpb

[BrklynLiberal]

1. Arrogant SOB. Hope he gets his ass kicked into a prison where he learns

another meaning for "Fabulous Fab"...one he won't like very much.

[bobbolink]

2. It would be nice if he landed in prison... but that is only for the poor folk. Like his victims.