Fabrice Tourre’s profile, Contact Information and Picture. Fabrice Tourre is a Stanford University graduate.

Tuesday, April 20, 2010

Fabrice Tourre (Dailymail UK)
Fabrice Tourre is a London based Executive Director at Goldman Sachs who was charged by the SEC on the 16th April 2010 in a $1 billion landmark fraud case. Fabrice Tourre is popularly called the “Fabulous Fab” by his colleagues, and referred to as a French trader in the media circles. Mr. Tourre is the subject of a Securities and Exchange Commission probe on Collateralized debt obligations (CDOs) fraud.

Mr. Tourre is a 2001 graduate of École centrale Paris, where he studied mathematics, and a 2001 graduate of Stanford University, where he received a Master’s degree in Operations Research. He joined Goldman Sachs in 2001 and moved to the structured products correlation trading desk in New York around 2005, managed by Jonathan Egol.

Fabrice Tourre allegedly maximized the greatest economic disaster the world has ever recorded. Mr. Tourre earned approximately $2 million in 2007 for his role in structuring and marketing the ABACUS CDO deals. The ABACUS CDO deals led to a complete lost of great deal of money for investors. He was able convinced Goldman Sachs’ clients to buy into a securities deal called Abacus 2007-AC1. The clients lost $1 billion in what the US Securities and Exchange Commission say “was a scam in which Goldman Sachs capitalized on an impending economic disaster that nearly triggered a global depression.”

How it all started
Fabrice Tourre was only 27 when Goldman Sachs was approached by a hedge fund maverick raised in Queens named John Paulson (who is now is #45 on the list of the world’s wealthiest billionaires). This how Abacus 2007-AC1 was born, and as you might expect, the push for this strategic move did not come from a “greenhorn” Tourre.

According to the New York Times, top Goldman executives, “decided in December 2006 to change the firm’s overall stance on the mortgage market, from positive to negative, though it did not disclose that publicly. Even before then, however, pockets of the investment bank had also started using Collateralized debt obligations (C.D.O.) to place bets against mortgage securities, in some cases to hedge the firm’s mortgage investments, as protection against a fall in housing prices and an increase in defaults. Mr. Egol was a prime mover behind these securities.”

Below is Fabrice Tourre's Bloomberg Profile

120 Fleet Street
River Court,
London EC4A 2HS
United Kingdom

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