Fabulous Fab: 'I Regret the Emails'

Goldman Sachs exec Fabrice Tourre faces Senate panel
By Newser Editors and Wire Services
Posted Apr 27, 2010 1:07 PM CDT
Fabulous Fab: 'I Regret the Emails'
Photographers mob Fabrice Tourre, executive director, Goldman Sachs Structured Products Group Trading, as he prepares to testify, April 27, 2010, on Capitol Hill.   (Evan Vucci)

Fabrice Tourre, the 31-year-old trader who is the only company official directly accused in the SEC suit against Goldman Sachs, testified today that he does not recall telling investors a Goldman hedge fund client had bought into an investment that soured. "I deny categorically the SEC's allegation," Tourre told a Senate subcommittee. "And I will defend myself in court against this false claim."

Federal regulators said Tourre marketed an investment designed to lose value. In a brash January 2007 email, one of many by him that have come to light, Tourre called himself "The fabulous Fab standing in the middle of all these complex, highly leverage exotic trades." Tourre told the panel under questioning: "I regret the e-mails. They reflect very bad on the firm and myself. I wish I hadn't sent them." (More Goldman Sachs stories.)

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