Federal Lawsuit Is Least of Goldman’s Problems!!! ;)

Sara Peck

Fabrice “Fabulous Fab” Tourre, the architect of the $1 billion Goldman Sachs mortgage-fraud scandal, testified before a Senate subcommittee yesterday about his role in the deal and some uncomfortably mushy emails to his girlfriends. Though decidedly more eloquent and nerdy than Tiger Woods’ texts, they revealed a cavalier attitude about the ethics of the deal and a penchant for exclamation points and winky faces. Goldman is accused by the SEC of creating mortgage securities that were designed to fail, earning the firm hefty profits. The firm denies any wrongdoing. Tourre looked visibly uncomfortable Tuesday as subcommittee members discussed the Goldman-released emails that disclosed his responsibility for “these monstruosities [sic]!!!” “Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am in convincing myself!!!” he wrote. Never before has an emoticon been so incriminating. Equally disturbing is the fact that he seems just as excited for the “intellectual masturbation” (collateralized-debt obligations that he created) as the real thing. Tourre's girlfriends, a fellow Goldman employee and a Columbia University Ph.D student, responded with equally gooey messages: “I'd love nothing more than just curl in your arms, feel the warmth of your skin and just stay there smiling for hours!” the Goldman employee wrote. But at the hearing, Tourre cried privacy and said, “The last week has been challenging for me and my family, as I have been the target of unfounded attacks on my character and motives.” If Tourre thinks the hearing was difficult, he should remember what happened to the back of Woods’ escalade.

Please consider supporting our work.

I hope you found this article important. Before you leave, I want to ask you to consider supporting our work with a donation. In These Times needs readers like you to help sustain our mission. We don’t depend on—or want—corporate advertising or deep-pocketed billionaires to fund our journalism. We’re supported by you, the reader, so we can focus on covering the issues that matter most to the progressive movement without fear or compromise.

Our work isn’t hidden behind a paywall because of people like you who support our journalism. We want to keep it that way. If you value the work we do and the movements we cover, please consider donating to In These Times.

Sara Peck, a spring 2010 In These Times editorial intern, is a Northwestern University student studying journalism and political science.
Illustrated cover of Gaza issue. Illustration shows an illustrated representation of Gaza, sohwing crowded buildings surrounded by a wall on three sides. Above the buildings is the sun, with light shining down. Above the sun is a white bird. Text below the city says: All Eyes on Gaza
Get 10 issues for $19.95

Subscribe to the print magazine.