While most Goldman Sachs employes are busy starting new hedge funds or preparing for new jobs, like central bank president or chief economist for a major European bank, Fabrice Tourre stands as the only Goldman banker to face a trail. However, something strange happened recently, something that may spin the case in an unexpected direction.
“It’s impossible that only one person was involved with fraudulent activities in connection to the sales of these mortgage securities.”
Yeah, yeah…we know that… The “Fabulous Fab” is just a trader who carried out the order of his superiors. An order that was very simple and impossible to misunderstand: “Make money!” It is, however, harder to figure out how a newspaper accidentally gets hold of a laptop, accidentally found in the trash, accidentally containing crucial evidence.
I won’t waste any time speculation about something I’m sure I’ll never find out.
But that seems to be the case at moment – the mysterious laptop, that is.
Tourre appears to be keen on fighting the civil charges in court, something that, according to US financial media, has caused a little bit nervousness amongst the top Goldman Sachs executives.
Fingers have been pointing at his boss, Jonathon Egol, and questions raised on why he was not charged.
But the article in NYT is built new information that arrived in a reporters hands in a rather odd way.
The article explain that a New York filmmaker was given a laptop by a friend who claimed it had been found in the trash.
And even more amazing – the emails continues to stream in.
Based on those emails, the NYT concludes that Tourre’s legal team will focus on the fact that he was in fact a small player, and cannot alone be held accountable for the entire ABACUS fiasco.
According to Fierce Finance, it is likely that others will be drawn into the center stage.
Indeed, it would be remarkable if Tourre alone is found guilty. That would mean that one single trader is capable of taking down the whole global economy!
One interview suggests that Tourre was targeted because he was prone to logorrhea, unlike his colleagues.
Anyway, he has hired a legal team that (also amazing) do not have ties to Goldman Sachs.
Everything is set for a very interesting case. But a case built on email is not necessarily a strong one.
“Perhaps, the SEC should make one final push to settle,” Fierce Finance writes.
Of course! Now, I get it….
Related by the EconoTwist’s:
- The Truth, Some Truth And Something Like The Truth
- Goldman’s Collateralized, Securitized And Synthesized Fraud
- Goldman Sachs Charged With Fraud – Here’s The SEC filing
- Goldman Sachs’s Tourre Must Face SEC Suit Over ‘Abacus’ Deal (businessweek.com)
- Goldman’s Tourre Must Defend Suit, But Some Claims Out Due To Morrison (blogs.wsj.com)
- NYT Publishes Huge Goldman Story, And Everyone Is Obsessed With Mystery Laptop That Broke It Wide Open (GS) (businessinsider.com)
- Hey Banksters, the New York Times Is In Ur Emailz LOL! [Media] (gawker.com)
- S.E.C. Case Stands Out Because It Stands Alone (nytimes.com)
- Why Did Tourre Catch the Rap? (dealbook.nytimes.com)