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 got shot with a tranquilizer gun. You may not have found them yet, but if you've got the will, there's surely a way to locate these CDO nymphos. Put out a personal ad, maybe start a website. Walk up and down Park Avenue wearing a sandwich board that reads "My lawyer's going to help me make an end run around your CDO's indentures." Post fliers in Penn Station. Inquire at your neighborhood coffee shop. One place you can save time by skipping over is the jury room where Fabulous Fab's fate is being decided.
A jury in Manhattan federal court began considering whether to find Fabrice Tourre liable for fraud for his role in a billion-dollar investment loss while employed at Goldman Sachs Group during the housing market collapse. In closing remarks yesterday in the highest-profile trial to emerge from the subprime mortgage crisis, Tourre’s lawyer said he’d done nothing wrong at work and asked a jury to restore his reputation and let him get on with his life. He said a portfolio of subprime securities, on which Goldman client Paulson & Co. made $1 billion in a bet it would fail, was a good investment. The jury was charged this morning by U.S. District Judge Katherine Forrest after a two-week trial in which the U.S. Securities and Exchange Commission tried to show that Tourre misled some investors in the Paulson deal. If he’s found liable, Tourre faces fines and a possible lifetime ban from the securities industry. “I want you to go talk to each other about this case,” Forrest told jurors before sending them to the jury room to deliberate. “Good luck.”
Throughout the trial, some of the jurors have appeared distracted or drowsy as witnesses were questioned about esoteric financial matters including the structure of CDOs and credit default swaps. They appeared more engaged when the testimony turned to Tourre’s late-night e-mails to his then-girlfriend and the difference between smiling and winking emoticons.