Fabrice Tourre, Fabulous Fab, Denies Goldman Sachs Fraud Claims

by Amy Judd | April 27, 2010 at 10:28 am

266 views | 0 Recommendations | 0 comments

Fabrice Tourre, aka Fabulous Fab, Faced Senate on Tuesday: Denied Any Part in the Goldman Sachs Fraud Scandal

Fabrice Tourre, working for Goldman Sachs out of London when the subprime meltdown occurred and banks and investors lost millions of dollars, denied any claims on Tuesday in the Senate of knowing about the global financial meltdown and said that he was the victim.

He told the Senate Permanent Committee on Investigations that he has been the target of 'unfounded attacks on his character and motives' and he led a panel of many Goldman Sachs executives that all declared they did not know about the impending financial crisis.

The Securities and Exchange Commission (SEC) has charged Fabrice Tourre and other executives with knowing the financial market was going to fail and capitalizing from the fall with huge bonuses.

When Fabrice Tourre walked in to the hearing:

Protesters wearing mock prison-stripe uniforms jumped up to shout "Fabulous Fab is not so fabulous. Put the banksters in jail."

Senator Susan Collins told the Committee:

"There is something unseemly about Goldman betting against the housing market," Collins said. "When illusion met reality, the bubble burst," but Goldman escaped with profits while other firms went belly-up

E-Mails Between Fabulous Fab and Marine Serres Released

Some personal e-mails on the Goldman Sachs system have been released between Fabrice Tourre and his girlfriend Marine Serres that suggest that Tourre knew the subprime meltdown was coming, and he spoke of ways he could make money from the collapse.