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Stanford grad at core of SEC suit against Goldman

Fabrice Tourre appears before Congress today

Fabrice Tourre, a 2001 Stanford University graduate who is allegedly the principal architect in a "toxic" sub-prime mortgage scheme that cost investors more than $1 billion, appeared for the first time before Congress Monday. He denied allegations of wrongdoing.

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Comments

Like this comment
Posted by qq
a resident of Barron Park
on Apr 26, 2010 at 7:46 pm

Remember, at Goldman, you are not a client, just a counterparty...

qq


Like this comment
Posted by people in glass houses
a resident of Another Palo Alto neighborhood
on Apr 26, 2010 at 8:07 pm



fab 5 -the poster with the offensive rant against "immigrants"

I see your post has been removed,

so, you must be native american or hispanic, the only original people of these lands

otherwise surely you also have immigrant heritage in you,

and don't we all have a pirate or a fortune seeker in our ancestry?







Like this comment
Posted by qq
a resident of Barron Park
on Apr 27, 2010 at 6:24 am

From CNN:

Web Link

"The e-mail messages Fabrice Tourre sent to a girlfriend in late 2007 make it clear that the glib and sometimes arrogant 28-year-old trader was fully aware that the financial "monstruosities" he helped create at Goldman Sachs were entirely bunk.

But the highly personal messages, released over the weekend by Goldman, also suggest that Tourre had some misgivings about the toxic trades he engineered over two years ago, which are now the subject of fraud charges brought by the Securities and Exchange Commission."

qq


Like this comment
Posted by anonymous
a resident of Duveneck/St. Francis
on Apr 27, 2010 at 8:59 am

This guy sounds like a charming individual...not.


Like this comment
Posted by Meg
a resident of Adobe-Meadow
on Apr 27, 2010 at 9:49 am

Meg Whitman was a director of Goldman Sachs.


Like this comment
Posted by Chris Zaharias
a resident of Crescent Park
on Apr 27, 2010 at 10:29 am

If I were a CEO, I'd make a point of hiring as few Stanford grads as possible and instead getting good people from universities with fewer white collar soon-to-be convicts.


Like this comment
Posted by Crescent Park Dad
a resident of Crescent Park
on Apr 27, 2010 at 11:25 am

I am not a Whitman fan --- but how does her tenure at GS have any relevance in the current discussion? She was long-gone before any of this was ever thought of. Further, she had nothing to do with the operation in question. Nice try.


Like this comment
Posted by Your-Loss-Is-My-Gain
a resident of Downtown North
on Apr 27, 2010 at 12:26 pm

Wonder how many local papers will be writing editorials excoriating Stanford for not having required its B-school students to take a course on ethics?

Will be interesting to see if anyone ever gets around to accusing the B-schools of having some culpability in the goings-on on Wall Street?


Like this comment
Posted by chris
a resident of University South
on Apr 27, 2010 at 12:39 pm

Your Loss,

Fabulous Fab is not a business school graduate, he is math guy who
got an MS from the engineering school.


Get your facts right.


Like this comment
Posted by chris
a resident of University South
on Apr 27, 2010 at 12:51 pm

Montag (his "sh**ty deal" quoted repeatedly today by Levin and little old lady senators) was a Stanford undergrad (his name is on the admissions building) and a Northwestern business grad.


Like this comment
Posted by chris
a resident of University South
on Apr 27, 2010 at 1:03 pm

When Meg was a director at GS, she paid a $395,000 penalty for stock manipulation and was thrown off the board.


Like this comment
Posted by Your-Loss-Is-My-Gain
a resident of Downtown North
on Apr 27, 2010 at 2:21 pm

Dear Mr. Chris ..

The point of the posting was that a failure of ethics from a Stanford grad was at the core of this financial mischief .. are there any ethics courses required of any Stanford grads .. including Math or Engineering?

Which Stanford school he graduated from is not key to the point being suggested .. the fact the ethics failures abound in this meltdown is key. Stanford could take note and start requiring ethics courses for all of its students, however.





Like this comment
Posted by alum
a resident of Downtown North
on Apr 27, 2010 at 2:36 pm

Stanford MBAs do take required ethics courses, and have done so for decades.


Like this comment
Posted by Sharon
a resident of Midtown
on Apr 27, 2010 at 6:08 pm


Fabrice is the fall guy for this debacle, GS were very quick to release his personal emails that reveal him as a jerk.

But remember--Paulson made 100s of millions of dollars out of these deal.
GS were the casino and they were fixing the tables apparently, Fabrice's emails about defrauding widows and orphans in Belgium and the release of such emails by GS have set him up as the scapegoat and, unless he talks to bring down others, he is in big trouble.
GS appears to want to discredit him to protect the big guys--- so it goes.
Why does the press want to drag Stanfords Management Science Department into this scandal?--- it is a recent reorg of the EES Department-- we do not see the connection


Like this comment
Posted by Meg
a resident of Adobe-Meadow
on Apr 27, 2010 at 7:37 pm

Meg Whitman apologizes for being a corrupt Goldman Sachs executive: Web Link


Like this comment
Posted by chris
a resident of University South
on Apr 28, 2010 at 7:45 am

GS was doing a trade between consenting rich intelligent adults.
IKB and ACA transferred $1B to Paulson and GS lost money for its efforts. Nobody in the "real" world was affected.

It was Washington Mutual that was exploiting poor unintelligent Hispanics by giving them mortgages they couldn't afford and passing them off to investors while WaMu was making a bundle. These were the real "assets" that failed. GS was dealing in "synthetics",

Who is the criminal in this picture?

In any case, WaMu is gone and GS is still standing. Which company was undercapitalized and a danger to society?


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