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FabriceTourre
Goldman Sachs' 'Fabulous Fab' Denies Fraud Charges at Hearing
By Patricia Murphy - Politics DailyFabrice Tourre, the Goldman Sachs executive recently charged with fraud by the Securities and Exchange Commission, denied all accusations against him during an appearance before a U.S. Senate subcommittee Tuesday. "I deny categorically the SEC's allegations and I will defend myself in court against this false claim," he told the senators. Tourre has worked at Goldman since 2001 and described to the panel his role in investing for "sophisticated financial institutions" to manage their credit and market risks. "For the average person, the utility of these products may not be obvious," he said. ...
Senators Assail Goldman on Conflicts of Interest
By Joseph Schuman - AOL NewsANALYSIS (April 27) -- An increasingly frustrated Republican Sen. Susan Collins wanted a yes-or-no answer. Did Fabrice Tourre, the Goldman Sachs executive accused of securities fraud in a government lawsuit against the firm, think Goldman owed a good-faith effort to all the company's investors? "I understand that you do not have a legal fiduciary obligation. But did the firm expect you to act in the best interests of your clients as opposed to acting in the best interests of the firm?" she asked during questioning about a series of deals that featured heavy investor losses on bonds backed ...
Goldman Sachs Executives Face a Grilling by Senate Panel
By Patricia Murphy - Politics DailySeven Goldman Sachs executives will appear before the Senate Permanent Subcommittee on Investigations on Tuesday, the panel behind some of the most infamous Congressional investigations in modern history, including crackdowns on organized crime, child pornography, the United Nations' oil-for-food scandal and the McCarthy hearings. Goldman chief executive Lloyd Blankfein and his colleagues will explain -- under oath -- their firm's role in pumping up the market for mortgage-backed securities that seemed like a sure bet, while they worked behind the scenes with a hedge fund to reap huge profits ...
Republicans Block Wall Street Reform in the Senate
By Patricia Murphy - Politics DailyAll Republican senators and two Democrats voted Monday to block the Senate from considering a bill to add significant new regulations to Wall Street firms, banks and other financial institutions. The vote, 57 to 41, fell short of the 60 votes the Democrats needed to shut off a filibuster and begin debating the measure, which now will go back for additional changes to win at least some Republican support. Although Republicans had enough votes to block the measure on their own, Sen. Ben Nelson of Nebraska broke ranks with his party on the vote, while Senate Majority Leader Harry Reid voted ...
Goldman Sachs Scandal: Fabulous Fab and Masters of the Universe
By Walter Shapiro - Politics DailyIt was just one sentence in a 2007 e-mail, written in a mixture of French and English, but it conveys the essence of the latest legal and political cloud of volcanic ash hovering over Goldman Sachs. The well-timed scandal -- hitting the headlines just as the Senate is debating financial deregulation this week -- was triggered by a Securities and Exchange Commission complaint Friday against Goldman Sachs and one of the investment banking house's junior vice presidents. The SEC accused them of marketing born-to-lose mortgage-backed securities without making full disclosure to unwary ...
SEC's Goldman Case Not Short on Colorful Characters
By Carl Franzen - AOL News(April 16) -- Has the so-called "great vampire squid" of the mortgage crisis finally been snared? On Friday, the Securities and Exchange Commission brought historic civil charges against investment bank Goldman Sachs, which has been widely blamed for precipitating the global financial crisis to some extent -- and profiting from it to a large extent. In a 22-page-long complaint, the SEC detailed the basis for its civil suit against Goldman: that the firm had deliberately deceived investors with a specific, self-destructing mortgage-backed security called Abacus 2007-AC1, at the behest of ...
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