Top Leaderboard, Site wide
October 21, 2014
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!






Mad Pilgrimage of the Flesh


Truthdig Bazaar more items

 
Ear to the Ground

‘Fabulous Fab’ Puffed Up, Even as Senate Dresses Him Down

Email this item Email    Print this item Print    Share this item... Share

Posted on Apr 27, 2010
Fabulous Fab
AP / Charles Dharapak

Tourre de force: Fabrice Tourre, executive director, Goldman Sachs Structured Products Group Trading, pulls a face as he prepares to testify on Capitol Hill on Tuesday before the Senate Permanent Subcommittee on Investigations.

Calling him “short, slight and looking as though he were on a break from prep school,” The Washington Post’s Dana Milbank devoted his entire column Wednesday to the “arrogance” of Goldman Sachs wunderkind Fabrice Tourre, as well he should have done.

“Fabulous Fab” emerged as a particularly reptilian specimen of Wall Street rapacity after Tuesday’s Senate sessions with Tourre and other Goldman execs from past and present, but his brand of remorseless avarice didn’t go unnoticed by the likes of Milbank—or by Sen. Carl Levin, who was on quite the tear that day, what with his “shitty deal” zinger winging its way around the world faster than Fab and friends could stiff a widow with a bad mortgage back in the glory days of 2007.  —KA

The Washington Post:

Goldman Sachs whiz kid Fabrice Tourre is fast becoming the poster boy of the financial crisis, a Michael Milken for current times. Last week, the SEC filed fraud charges against Goldman Sachs and the 31-year-old Frenchman who calls himself Fabulous Fab. And on Tuesday, Fabulous sat before a Senate panel that wanted to know how he helped a hedge-fund tycoon make a billion dollars by dumping worthless mortgage securities on unsuspecting Goldman customers and then betting against those same securities—all the while accelerating the burst of the housing bubble and the downfall of the world economy.

“The whole building is about to collapse anytime now,” Fabulous wrote in one of the e-mails that have come to light. “Only potential survivor, the fabulous Fab ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!”

Fabulous, in an e-mail from 2007, described the mortgage business as “totally dead, and the poor little subprime borrowers will not last too long!!!” Yet two months later, he boasted that he had managed to dump some more of the worthless mortgage securities on “widows and orphans that I ran into at the airport.”

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

MarthaA's avatar

By MarthaA, April 29, 2010 at 11:02 am Link to this comment

It is a show trial to appease the populace.  And of course Wall Street picked the selfish, egotistical Fabulous Fab to be the scapegoat, but he is only the frosting on the Wall Street cake.  It would be nice, but I doubt that anything will be done to actually reform Wall Street because, I expect, too many Congressmen have/are making money for themselves and do not want to shut off the spigot.  Corporations are entrenched and the only way Wall Street will be reformed is the way the populace reformed Italy after the World War.  I would hope for better, but do not expect there is any other way.

Report this

By gerard, April 28, 2010 at 7:40 pm Link to this comment
(Unregistered commenter)

Like show trials, these sessions are mainly exercises in getting Congrersspersons re-elected by proving they are “tough on crime”—at least they are going through the motions.
  What then? We and they find out more about what we already know, and ...? It is doubtful that anything changes as a result.
  The hard workk of getting this system of lopsided greed under control has to come from widespread public demand for limiting greed and forcing accountabvility. Those demands have to be tied tangibly to forthcoming elections at the local levels.  Sens and Reps have to hear citizen demands loud and clear—in every local office in the country as well as in D.C.
  Ways also have to be found for ordinary citizens to reach—to have access to—financial moguls at the highest levels. Their protective layers must be breached with appeals to human decency and to giving people more power than money.  A Protestant Reformation against the Wall Street Vatican?  A South African Reconciliation process?  Something creative and humane.  Something intelligent. Never forget that it’s possible, but instead think about how it could be brought about .. so that “this Nation can have a new birth of Freedom,” and that “Liberty and Justice shall not perish from the earth.” 
  After that day at Gettsburg, the Nation was reborn and is still being rebuilt, one day at a time.

Report this
MarthaA's avatar

By MarthaA, April 28, 2010 at 4:11 pm Link to this comment

Fab is similar to the French Revolution’s Marie Antoinette, except it is plain that Fab was aware there was no possibility of cake for the populace in what he was doing, whereas Antoinette was not aware.  Antoinette still lost her head— Fab should more rightly lose his head as well.

Report this

By David L. Morris, April 28, 2010 at 3:55 pm Link to this comment
(Unregistered commenter)

In the United States the laws only seem to apply to the average and poor Americans.  Past government and corporate leaders are above the law.

Report this

By Ralph Kramden, April 28, 2010 at 3:21 pm Link to this comment
(Unregistered commenter)

Rip into “the reptilian” Fabrice all you want, but your anti-French angle is not worthy of you. What is next,? you are going to write an anti-Jewish article about Goldman-Sachs? Keep your anger in check please.

Report this

By drum4one4all, April 28, 2010 at 2:18 pm Link to this comment

As a sinlge Mom, who works two jobs, who qualified for a prime mortgage but was sold a subprime mortgage created by the likes of this guy, and because the “system” demolished the rules of disclosure regarding it’s notice to potential buyers, to actually see the papers 3 or 5 days before signing, who had money on the table when finding out the actual paperwork said ARM instead of fixed like the broker had represented….who had to refinance two years later thereby absorbing all those closing costs yet again…whose wages were then cut due to “downsizing”...yeah…that’s me, not quite the widow, but responsible, do the right thing, work hard, then was ran into at the airport by the likes of Fab and Blankity blank blank blankenfein…well…if I had a Prius with a sticky gas pedal, or a bad brake…whatever that glitch is..I’m sorry, I didn’t catch it…what building is he leaving from when he so arrogantly adjourns for the day?

Seriously, reading this article in full, reading Fabs emails in full paragraphs vs hearing in smaller sound bites…WOW. I thought I was finished with ever being shocked again.  So incredibly and profoundly arrogant and lacking of conscience, is he.

If in this process there is not a guilty verdict, if charges are not pressed, then, frankly, as far as I am concerned…there is no more legitimacy of the US government. (As if there weren’t already enough clear indicators that we live in a banana republic when SCOTUS installed Bush) Truly, the US is dead.  Meaning, How can I be a citizen of something that does not exist?  Really?  What authority could a non-exsistant, in name only, U.S., have in my life?  At the moment they do not hold him responsible, or do not hold Blankenfein responsible, then this means…all of us are sovereigns.  The union does not exist.  We do not need to Secede…the U.S. left us. Yeah, the U.S. HAS left the building. There is no law… there is no governing force which is distributing justice…We’re sovereigns.  Do our states become nations now that we don’t have one?

I’ll probably be giving up my home in the next several months too.  Despite all my efforts.  I didn’t know 5 years ago that I was buying into a ponzi scheme.  I knew that I got a raw deal with the ARM thing.  At the time, I didn’t know they had dismantled the laws regarding disclosure and intuitively I knew it was unfair that there was no longer this disclosure letter with the actual terms of the loans, allowing the buyer to walk away WITH any down monies, and without this disclosure, now I had to either sign or walk away without my down money.  If I had lost that money on the day of the signing, I guess it would not have been the end of the world…I worked 12 years for that money.  I was crushed when I read ARM.  I knew right then that I had been had.  Right in that moment.  Aw shucks…If I could’ve walked away right then…I was too attached. I didn’t see then..despite that vague feeling of perilous danger ahead, I couldn’t see how I was going to lose even more than the down money.  I just didn’t want to lose the down money…I thought I did the right thing.  A home for my son and I.  Damn…

Damnit.

Got to breathe here.

It’s so tiring typing all this out…

I feel really sad right now. Tears.

Yet grateful too.  The air outside, the sun, springtime.

You know…I’m going to go outside and see if my seeds that I planted over the weekend have sprouted.  I planted more than I can eat, maybe it will grow.  Maybe I’ll still be here to harvest it, if not, I have left a gift of a garden…If I am here though…I will share my bounty…I am grateful I have the capacity to give.

Report this

By Bill Owen, April 28, 2010 at 9:38 am Link to this comment

What lovely theatre!

What’s teh next act?

Fade to black maybe?

Report this

By SueG, April 28, 2010 at 7:06 am Link to this comment
(Unregistered commenter)

And why weren’t the Goldman Sachs execs. arrested for their statements which were made under oath.  Aren’t their resposes perjury?  They all should be in jail from their fraudulant answers.  What is wrong with this country?  Oh I forgot, we live in a Corporatocracy.

Report this

By bachu, April 28, 2010 at 5:47 am Link to this comment
(Unregistered commenter)

In order to succeed in America you only have to be plausibly European.

Report this

By C.Curtis.Dillon, April 28, 2010 at 1:00 am Link to this comment

Personally, I would put this asshole in a locked room with all those widows and orphans he bilked and give them plenty of lead pipes and other weapons to use while taking out their anger and frustration.  Then we could hand the bloody corpse outside Goldman’s NYC headquarters as a warning to the arrogant bastards who think they have the right to destroy everyone else in their relentless drive to make money.

Report this

By cabdriver, April 28, 2010 at 12:43 am Link to this comment
(Unregistered commenter)

It’s time to pull the coats on these boys.

I’m serious. Big time.

Would anyone here let someone walk for mugging people?

Report this
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.