Why Fab Tourre Is Going To Have To Pay (Like Actually Pay)
I smell a business venture
between this SF (Hunter's Point none the less) auto shop and the Squid
Now that, my friend, is a large low-hanging pair.
Fabrice Tourre -- also known as "Fabulous Fab," the Goldman Sachs vice president accused of committing fraud by the Securities and Exchange Commission -- asked a federal court Monday to dismiss a government lawsuit alleging that he sold to investors a subprime mortgage security that was secretly designed to fail.
Tourre assembled the deal that prompted the fraud suit by the SEC. Despite his pivotal role in the transaction, his lawyers say that, as a French citizen and engineer by training, Tourre could not have been expected to make decisions about what had to be told to investors.
He "reasonably relied on Goldman Sachs' institutional process to ensure adequate legal review and disclosure of material information, and cannot be held liable for any alleged failings of that process," according to the court filing.
I am still totally with the defense that he was just trying to get laid and making his sleazy Goldman rat gig sound way hotter than it actually was. Sorry, dude, but someone's going to have to pay for this and it certainly isn't Goldman Sachs.
They could come up with their SEC settlement in 5 1/2 fairly normal trading days. Please. That's not a payment.
Guess what your job really was, Fab? I imagine you've figured it out by now.
This goes out to you, homie.