The U.S. Securities and Exchange Commission’s lawsuit against Fabrice Tourre should be thrown out, lawyers for the Goldman Sachs Group Inc. trader accused of misleading investors in a product linked to subprime mortgages told a federal judge. Andrew Rhys Davies, Tourre’s lawyer, said yesterday that the SEC is trying to circumvent a U.S. Supreme Court ruling issued in June, Morrison v. National Australia Bank, that limits the reach of civil claims for acts occurring outside the U.S. “The SEC is attempting to do an end run around Morrison,” Rhys Davies told U.S. District Judge Barbara Jones in Manhattan. [Bloomberg]
Fabrice Tourre
As you may remember, prior to his flogging on Capitol Hill, we were privy to Goldman Sachs employee Fabrice Touree’s emails to lady-friend he was looking to bed. He did so by begging off the “fabulous” titles (“I’m not fabulous, you’re fabulous”) and laying it on embarrassingly thick with Marine Serras (with lines like “[My friend Mitch] would call me the fabulous Fab even though there is nothing fabulous about me, just kindness, altruism and deep love for some gorgeous and super smart French girl in London”). In its recently released “who to blame for the crisis” report, the FCIC thought it prudent to release a few more excerpts. Continue reading »
ProPublica reports that JPMorgan is being investigated by the SEC to determine whether or not the bank adequately disclosed to investors that the securities that went into a CDO were selected by hedge fund Magnetar Capital, which was betting against the deal (JPMorgan apparently lost approximately $880 million on the deal and what’s more). Two problems seem apparent up front– one, unlike Goldman Sachs, whose CDO had the badass name of ABACUS, JPMorgan’s version is called “Squared.” And two, no one has said anything about the role of a Frenchman who describes himself as “fabulous” and writes gushy emails to his ex-girlfriend on the company dime. That’s not going to bode well for JPMorgan when it comes time for Congress to decide whether or not this thing is worthy of a hearing and/or Senator Carl Levin describing it as “shitty” 700 times on live TV. Given that everything on Wall Street is a competition, and JPMorgan is no poor man’s Goldman, I’m going to go ahead and tip off JD and Co as to the only way they’re going to be able to come out on top of this thing. If this woman’s involvement in the deal comes to light: Continue reading »
* 9:45: Fifteen minutes to go. Disappointingly, His Fantabulousness and Lloyd Blankfein are on separate panels, meaning no opportunity for potential backhands to the face. No matter. There’s gonna be a showdown. So while we wait:
[I have it on good authority that Lloyd and Lucas have rehearsed the above moves and will be performing them at intermission.]
* 9:57: The “Pink Ladies” have traded in their standard uniforms for prison garb. Good one, ladies.
* 10:03: Carl Levin (NO RELATION) is telling us why we’re here. Goldman Sachs took advantage of its clients, yada, yada, yada.
* 10:04: That’s right, cameraman, focus on The Fab (who’s grown his hair a little longer and is looking kind of hot).
* 10:09: Carl: “Goldman Sachs treats clients like objects (of profit).” Jackie Treehorn, a former prop trader, was the first to pioneer this model at the firm.
* 10:16: Goldman made money off its shorts. Dun Dun Dun.
* 10:26: Apparently Goldman didn’t just hurt its clients, it hurt everyone in the world. Take a moment right now to show us on the doll where Goldman touched you.
* 10:28: Going to interrupt Carl for a moment to announce that Melissa Francis gave birth last night to her second son (with husband Wray). The kid’s name is Greyson Alexander Thorn. May he grow up to be a Goldman banker.
* 10:32: Senator Susan Collins: I’m very discreet…but I will haunt your dreams.
* 10:38: According to Suzy, we’re not here to celebrate the fact that Goldman Sachs made some money during the crisis. Which means I’ve made a terrible mistake. Reader poll: cancel the stripper cake, even though she’s already inside? Or just say fuck it? Why should this lady get to say what’s what?
* 10:40: Senator Claire McCaskill is just going to throw words out there, arrange them in any way you like: bets, odds, bookies, tranches, waterfalls, golden showers, clown-facing, pit bosses, Las Vegas, street gamblers, KGB.
* 10:44: SENATOR MARK PRYOR: “I MAY NOT UNDERSTAND EVERYTHING ABOUT EVERYTHING ON WALL STREET.” Continue reading »
Fabrice Tourre: “I deny — categorically — the SEC’s allegation. And I will defend myself in court against this false claim.”
By Bess Levin
Here’s what Mr. Fantabulous is going to say in about an hour. Imagine this read with what one hopes is (fingers-crossed) a thick accent and an general attitude of “Let’s make zees quick, I have a match to be at by noon. Idiots.” Continue reading »
Entertain the thought of crossing him and he'll burn them off.
They seem to have all but made him the fall guy for this little matter with the SEC but do not be deceived, ladies– Goldman Sachs has got Fabrice Tourre’s back! The firm told Charlie Gasparino that Mr. Fantabulous would’ve been canned a while ago if they thought he’d done anything that could get them into any legal trouble. Continue reading »
Many of you have likely done things you should be embarrassed about in the name of getting laid. Given. For the most part, though, that embarrassment (and second hand embarrassment) remains contained to a relatively small group of people. Your friends, onlookers at the bar, cab drivers and so on and so forth. It’s likely that tens of millions of people will never see the depths to which you’ve sunk to put your d in a v. Such is not the case for Fabrice Tourre, who in one of the many emails released by Senator Carl Levin (no relation) over the weekend, has him begging off the ‘fabulous’ title in a message to lady-friend Marine Serres, a Goldman colleague. There’s nothing NSFW about this, but it should be considered NSFThoseWho’veJustFinishedLunch. Continue reading »
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