Fabrice Tourre

  • how do you like me now?

    how do you say suck it in French?

    Fabrice Tourre Doesn’t Need Your Pity

    Former Goldman Sachs employee Fabrice Tourre hasn’t had a great year. In August, a federal jury found him “liable on six of seven claims that he violated federal securities law by intentionally misleading investors,” in addition to “aiding and abetting an alleged fraud by Goldman.” In March, a judge ordered to pay $825,000 ($175,463 in […]

    / Jun 16, 2014 at 1:46 PM
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    Fabrice Tourre Could Use An Endowed Professorship Right About Now

    Technically he hasn’t yet completed his doctorate program and, yes, he’s only served as a TA for other people’s courses so far, but maybe just sleep on it, Chicago. He could really use the cash.

    / Mar 12, 2014 at 2:01 PM
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    University Of Chicago Economics Department Suddenly Too Good For Fabrice Tourre

    At least the undergrad program is; the graduate department is still willing to expose its students to his fabulousness.

    / Mar 4, 2014 at 2:49 PM
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    Jurors In Tourre Case Approached Deliberations With Razor Sharp Intensity, Ideas For Production Team Casting The Banker And The Emoticon

    To help inject humor into what was an otherwise intense process, Ms. Rhett said she and other jurors compared the lawyers’ likenesses to actors. “I’m only going to say that there was someone who looked like Dan Aykroyd, someone who looked like Kevin Spacey and someone who looked like a cross between Patrick Stewart and […]

    / Aug 5, 2013 at 12:11 PM
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    Bloomberg Technically Not Totally Wrong When It Said His Fabulousness Beat The SEC

    He did get off on one of the seven counts against him, so…

    / Aug 1, 2013 at 4:32 PM
  • We still love you Fab!

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    Fabrice Tourre Will Never Sell Synthetic CDOs In This Town Again

    Poor Fab! I, for one, was utterly persuaded that he didn’t commit securities fraud by sending an email that he admitted was “not accurate” but not “false,” but the significance of that distinction seems to have eluded the jury: A federal jury found former Goldman Sachs Group Inc. trader Fabrice Tourre liable for misleading investors […]

    / Aug 1, 2013 at 4:22 PM
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    Fabulous Fab Jury Not As Turned On By Talk Of CDO’s As One Might Have Hoped

    Presumably, out there in the universe exists at least a handful of people for whom words and phrases like “Which tranche of this collateralized debt obligation would be the fulcrum security in a liquidation scenario?” constitute foreplay, or, at the very least, interest them in the slightest/don’t cause them to nod off like they just […]

    / Jul 31, 2013 at 2:50 PM
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    Team Tourre Thinks That Just About Sums It All Up, Nothing To Add Here

    The defense team for Fabrice Tourre, the former Goldman Sachs trader accused of defrauding investors in a mortgage deal six years ago, began its case about 11:47 a.m. One minute later, it rested without calling any witnesses — not even John Paulson, the billionaire whose hedge fund played a big role in the security at […]

    / Jul 29, 2013 at 5:04 PM
  • He made $1.7mm in 2007, which makes me feel less bad for him now. Still rooting for you, Fab, though.

    News

    Fabulous Fab Really Wanted To Get Abacus Done

    Fabrice Tourre testified in his SEC trial late last week and many perplexing things came out, with the most perplexing being a tie between: Fab’s claims that the key disputed email, in which he maybe-defrauded maybe-victim ACA, was “not accurate” but not “false,” an epistemologico-semiotic dispute that probably sounds better in French, and the fact […]

    / Jul 29, 2013 at 10:26 AM
  • I hope he is the best witness. He seems like he would be. Good luck today Fab!

    News

    Fab Tourre’s CDO Deal Wasn’t Complicated Enough

    If you wanted to short the housing market in 2007 you could just buy protection on mortgage-backed securities via a synthetic CDO, and that’s what John Paulson did in the Abacus deal, for which Goldman Sachs and Fab Tourre got in trouble. But the problem with that is that buying protection costs money; just for […]

    / Jul 24, 2013 at 10:53 AM
  • If I were Fab I'd just get up on the stand and be like "I told those dopes at ACA like fifty times that Paulson was short, I don't know why they heard the opposite." At this point wouldn't you believe him over a bunch of people who are all "I don't remember who told me what"?

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    SEC’s Witnesses Against Fab Tourre Have Nothing But Nice Things To Say About Him

    I haven’t been following Fabrice Tourre’s trial all that closely but I gather that the main evidence against him is that a Goldman saleswoman, Gail Kreitman, told her client ACA Capital Management that Paulson & Co. was going to be a long investor in a CDO called Abacus. That turned out to be false, and […]

    / Jul 23, 2013 at 12:35 PM
  • fabricetourreNYT

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    Fabulousness On Trial, Day 4: SEC Planning To Call Witnesses Who’ll Help Their Case To The Stand

    The decision to call former Goldman saleswoman Gail Kreitman out of order comes a day after a combative back and forth between the SEC and one of its top witnesses: Paolo Pellegrini, a former lieutenant to billionaire hedge-fund manager John Paulson. Her testimony is important because she may be the first witness to link Mr. […]

    / Jul 18, 2013 at 2:31 PM
  • I feel like this expression would be very effective vs. the SEC

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    Guy Who Spent All Of 2007 Telling People He Was Short Housing Vaguely Remembers Telling Someone He Was Short Housing

    Over drinks! In testimony Wednesday, Paolo Pellegrini, the former Paulson & Co managing director, said he made clear to ACA Capital Holdings Inc that Paulson wanted to bet against the deal. “As I told all collateral selection agents, we were interested in shorting a CDO, shorting subprime securities in a CDO,” said Pellegrini, one of […]

    / Jul 17, 2013 at 5:41 PM
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    Everyone In The Fabrice Tourre Case Knows Exactly What’s Going On Except The Jury, Judge, And Witnesses

    “I think the jury was lost,” John “Sean” Coffey, a lawyer for Tourre, 34, said during a break this morning in the testimony of Professor Dwight M. Jaffee, called to the stand to describe the collateralized debt obligations at the heart of the case. “It is critical that they understand how a synthetic CDO works.” […]

    / Jul 16, 2013 at 5:32 PM
  • "A longtime public servant and seasoned trial lawyer, Jordan [Thomas] ..."

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    Even Smaller Minority Of Financial Services Employees Greedy Now

    Labaton Sucharow is a law firm whose business consists of getting disgruntled financial industry employees to sue their employees for various bits of naughtiness, and taking a cut of whatever money those disgruntled employees can get from a lawsuit or settlement. One of their clever marketing techniques is to hire a survey firm to identify […]

    / Jul 16, 2013 at 11:04 AM
  • I would not look this jolly if I were testifying before Congress.

    News

    SEC Doesn’t Want Fabrice Tourre Telling A Jury That The Guys He Ripped Off Deserved It

    Fabulous Fab Tourre is on his way to trial in the SEC’s securities-fraud lawsuit over the Abacus synthetic CDO he built at Goldman Sachs for John Paulson, and Andrew Ross Sorkin has a column today about all the things that the SEC doesn’t want him to be allowed to say to the jury. You should […]

    / Jul 9, 2013 at 3:34 PM
  • fabricetourre

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    UBS to SEC: Let’s Make A Deal. Maybe.

    UBS would like to make a mortgage-backed securities case—apparently linked to every other mortgage-backed securities case—go away.

    / Mar 26, 2013 at 10:22 AM
  • fabricetourre

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    Goldman Sachs Will Be A Little Less Fabulous, Self-Referential In 2013

    Former Goldman Sachs trader Fabrice Tourre has only one tie left to the securities firm where he helped assemble an infamous bond deal: his legal bills. Mr. Tourre no longer works for Goldman, which put him on paid leave after the Securities and Exchange Commission accused him in April 2010 of misleading investors in a […]

    / Jan 31, 2013 at 6:43 PM
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    Fabulous Fab To Take The Stand Next Summer

    Three years after Fabrice Touree was sued by the Securities and Exchange Commission for allegedly misleading investors, the (soon-to-be) Dr. of Economics and Love will go to trial, assuming finals don’t pose a conflict.

    U.S. District Judge Katherine Forrest in Manhattan set the July 15 trial date at the end of a hearing in which an SEC lawyer argued that she should reinstate some claims against Tourre that another judge dismissed earlier in the case. Last year, U.S. District Judge Barbara Jones threw out some of the SEC’s claims after Tourre argued that he couldn’t be held liable under U.S. securities law for transactions that occurred outside the country. The SEC argued today that the claims should be reinstated because of a recent appeals court ruling that applied a broader definition of “domestic securities transaction” than the one used by Jones. Tourre’s case was assigned to Forrest last week.
    Tourre, 33, who is studying for a Ph.D. in economics at the University of Chicago, wasn’t present in the courtroom today. His lawyer, Pamela Chepiga, told Forrest that she will check with her client to make sure there is no conflict between his exams and the trial date.

    Goldman Sachs’s Tourre Gets July 15 Trial Date [Bloomberg]

    / Oct 12, 2012 at 4:59 PM
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    That’s Dr. Fab Tourre To You!

    Goldman Sachs’s former resident of fabulousness is going back to school.

    The Securities and Exchange Commission alleged in a 2010 complaint that Goldman Sachs and Fabrice Tourre, 33, who is on unpaid leave, defrauded investors in a collateralized debt obligation known as Abacus 2007-AC1. The regulator identified Tourre as a “resident of Kigali, Rwanda,” in court papers filed March 21 in Manhattan federal court. Tourre had been in the African nation’s capital working for a non-governmental organization before beginning his studies at the University of Chicago, according to a person familiar with his travels who declined to be identified because the matter isn’t public. “Tourre is a U.S. resident studying for a Ph.D. in economics at the University of Chicago,” his lawyer, Pamela Rogers Chepiga, said in a statement March 21. Steve Koppes, a university spokesman, said Tourre has been enrolled in the program since September.

    [Bloomberg]

    / Mar 23, 2012 at 2:17 PM
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    Tourre Attorney: LEAVE FAB ALONE!

    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 […]

    / Feb 15, 2011 at 9:53 AM
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    Fabrice Tourre’s Seduction Style: Self-Deprecating Fabulousness, Emoticons

    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 […]

    / Feb 7, 2011 at 6:00 PM
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    JPMorgan Investigated For ABACUS-Like Deal So Far Lacking Similar Intrigue

    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 […]

    / Nov 1, 2010 at 4:53 PM

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