From Goldman’s statement this morning
“The core of the SEC’s case is based on the view that one of our employees misled these two professional investors by failing to disclose the role of another market participant in the transaction.”
This directly targets Fabrice Tourre, the wunderkid who at age 28 put together the toxic glop for that now infamous Goldman deal. He foolishly boasted in email about how fab he is and how surreal lying to the other client was. Oopsie.
As to why a 28 yo would be trusted with such responsibility, doubtless he wanted to move up and get really rich and thus would not be bothering higher-ups with pesky questions about ethics and morality, if indeed such thoughts ever occurred to him in the first place.
Goldman’s decision to road-kill Fab could backfire if he decides to start singing.
(Ok, enough Goldman today, on to other things in coming posts)