A jury has found former Goldman Sachs banker Fabrice Tourre liable for his role in a mortgage deal that lost some investors $1 billion during the subprime crisis.
The ruling is a major victory for the U.S. Securities and Exchange Commission.
Tourre, 34, was just one of a team of Goldman employees that worked on a complex investment known as Abacus, which failed, netting investors who bet against the product big profits.
But Tourre was the only banker who sent mirthful e-mails to a girlfriend referencing his nickname, “the Fabulous Fab,” and describing the financial products he created as “pure intellectual masturbation.
Read more... Goldman settled for $550 million without admitting or denying guilt.
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