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Posted by on Apr 25, 2010 in Economy, In The News, TG Roundup

Sex Scandal in the Middle of the Goldman Fraud Case?

His name is Fabrice Toure. He is in the central figure in the Government’s fraud case against Goldman Sachs. He was only 27 when Goldman gave him the FABulous opportunity to fleece clients and there by fleece some European retirement accounts. Blogs are referring to this sociopath of a banker (who is now 31) as Fab Fab. He is scheduled to testify on the Hill this week.

Recently released Goldman e-mails are shedding more light on this story. At the time Fab Fab was helping Goldman fleece their customers, he was also juggling two girlfriends and divulging sensitive information to them via e-mails.

Here are some excerpts from Zero Hedge:

One tangent that may be relevant to gleaning some more insight into the character of the “fabulous” 27 year-old mortgage god, is that at the time he penned his email to girlfriend (#1), then Goldman co-worker, Marine Serres, he was likely also with girlfriend (#2) Fatiha Bouktouche, a Columbia University post Doc, to whom he may have been disclosing proprietary Goldman holdings and trades. Who knows to whom, when or how Fatiha may have leaked insider trades whispered to her by Fabrice, and who knows what CDO trades Marine was pitching to the retarded (and soon to be bankrupt) European banks gobbling up everything Goldman would sell them, structured and originated by her boyfriend.

This quote is proof positive that this guy willingly created and sold some junk and doesn’t care about the consequences:

When I think that I had some input into the creation of this product (which by the way is a product of pure intellectual masturbation, the type of thing which you invent telling yourself: “Well, what if we created a “thing”, which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?”) it sickens the heart to see it shot down in mid-flight… it’s a little like Frankenstein turning against his own inventor 😉

I wish he is just one bad apple. Unfortunately, no! This is emblematic of fraud Street culture. [Click here for more on those racy e-mails and the Full Zero-Hedge story]

This is what they say about Goldman Sachs.

  • “The Best of the Best.”
  • “The Smartest Guys in the Room.”
  • “The epitome of financial acumen.”
  • Blankfein: “We do the  God’s work.”
  • “The legendary and highly respected Goldman Sachs.”

Nonsense! They make money the old fashioned way – they steal it.