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.”
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.