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Goldman Sachs and the Fabulous Fab

April 21st, 2010 Comments off

He is a Goldman Sachs trader based  in London, of French extraction, who until the Securities and Exchange Commission filed fraud charges against his employer, was unknown to the general public. Now, however, his notoriety has been sealed forever. He is Fabrice Tourre, but will forever be known by the moniker he employed to self-describe himself in a bilingual e-mail he sent in 2007, which has emerged since the SEC allegations were made public.

I can do no better than to quote from the Fabulous Fab himself, in the following from his 2007 e-mail:

“More and more leverage in the system, The whole building is about to collapse anytime now…Only potential survivor, the fabulous Fabrice Tourre…standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!! [sic]”

Read this output from the mind of one of Goldman Sach’s esteemed “masters of the universe,” and ask yourself if people like this are running the global financial system, what are the odds that we will avoid Great Depression2?