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Fab The Fantabulous Spending 'Me Time' In France

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As previously mentioned, the most Fantabulous banker at Goldman Sachs, Fabrice Tourre, took a completely and totally voluntary leave of absence yesterday from his gig at the bank's London office. He reportedly took off for France soon after the news of his involvement in the scandal du jour broke, perhaps to weep into a pillow in his childhood bed while being comforted by mother. That, and to escape the British politicians giving him shit for potentially receiving a bonus well-deserved.

A Goldman Sachs banker facing fraud charges is in line for a massive bonus, it emerged yesterday. The bank said the 31-year-old Frenchborn broker has done 'nothing wrong' and there was no need to suspend him during the American investigation. It means Mr Tourre, who moved from the U.S. to London in 2008, can claim a sizeable slice of the £3.2billion bonus bonanza expected to be announced by the Wall Street giant today.

Liberal Democrat Treasury spokesman Vince Cable said Mr Tourre should have been suspended, and added: 'Goldman Sachs shows extraordinary arrogance in the way they are handling this case. Labour MP Lindsay Hoyle, a member of the Commons Business and Innovation Select Committee, said: ‘Once again people’s confidence will be shattered by the news that a senior broker has been charged and yet carries on working, no doubt rubbing his hands at the thought of his next bonus.

Goldman Sachs banker facing fraud charges bags share of mega £3.2bn payout [Daily Mail via Daily Intel]


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]

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]