April 28, 2010

Fabrice Tourre Charges! (NEWS)

As the Senate continues to hold heated hearings about Goldman Sachs and their alleged financial misdeeds, the employee at the heart of the scandal continues to deny the charges that he was involved in fraud, as accused by the SEC.

Said Tourre in his prepared statement, "I have worked at Goldman Sachs since 2001. Between 2004 and 2007, my job was primarily to make markets for clients. I made markets by connecting clients who wished to take a long exposure to an asset -- meaning they anticipated the value of the asset would rise -- with clients who wished to take a short exposure to an asset -- meaning they anticipated the value of the asset would fall. I was an intermediary between highly sophisticated professional investors -- all of which were institutions. None of my clients were individual, retail investors..."

"...Mr. Chairman, 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. I appreciate the opportunity to appear before the Subcommittee to answer these false charges. I wish to repeat -- I did not mislead IKB or ACA, two of the most sophisticated institutional investors in these products anywhere in the world."

Fabrice Tourre Charges! (NEWS)

Fabrice Tourre, the Goldman Sachs employee at the center of the SEC fraud case against the bank, will use his testimony before a Senate investigative panel to vigorously deny the charges against him. Tourre is scheduled to appear before the Permanent Subcomittee on Investigations Tuesday, along with other Goldman executives, including CEO Lloyd Blankfein. Tourre, the only individual named in the SEC suit, will tell lawmakers in his prepared remarks that he "categorically" denies charges that he misled investors in marketing a security that hedge fund client Paulson & Co. planned to bet against...

Fabrice Tourre Charges! (NEWS)

Posted at April 28, 2010 3:30 AM