Wednesday, June 22, 2011

Taking the rap

Goldman Sachs has chosen Fabrice Tourre as its scapegoat for a catastrophic CDO deal, writes William Cohan.

Those hoping for a measure of justice for the Wall Street executives who brought us the financial crisis won't be finding it any time soon in the downtown Manhattan federal courtroom of Judge Barbara Jones.

What you'll find there instead is the continuation of the Securities and Exchange Commission's (SEC) ridiculous civil lawsuit against Fabrice Tourre, the Goldman Sachs executive director who, at age 28, shepherded to market in April 2007 Goldman's infamous synthetic collateralised debt obligation, Abacus 2007-AC1. The deal was done at the behest of the hedge fund manager John Paulson (who made a bundle) and a pair of foolish European banks (who lost one).

More Here..

1 comment:

  1. We are getting nearer to the brink. The elite banksters and their media will determine when SHTF. When it profits them best.

    When you start seeing headlines like on the USAtoday home page you know they are ramping up what they are spoon feeding to the sheep.


Everyone is encouraged to participate with civilized comments.