Saturday, April 17, 2010

Fabrice Tourre

Goldman Sachs, Fabrice Tourre and the complex Abacus of toxic mortgages

On January 23, 2007, Fabrice Tourre sat down to write what is likely to go down in the annals of the financial crisis as one of the most memorable emails to have found its way out of Wall Street. The Goldman Sachs banker shared his apparently true feelings on the state of the US housing market: “More and more leverage in the system. The whole building is about to collapse anytime now ... Only potential survivor, the fabulous Fab[rice Tourre] ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implication of those monstruosities [sic]!!!”

Posted by devo @ 09:09 AM (1222 views)
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