How 'Fabulous Fab', French trader for Goldman Sachs, took the rap for Wall Street


Former Goldman Sachs trader Fabrice Tourre was this month convicted by a New York jury of a fraud that cost investors 1 billion dollars in a high-risk loan deal linked to the infamous subprime mortgages schemes. ‘Fabulous Fab’, as the 34 year-old Frenchman nicknamed himself, took the rap alone for a deal Goldman Sachs concocted as banks tried to pile out of toxic mortgage securities when the US housing market went belly-up in 2008. Martine Orange reports on how Tourre has been made a convenient and lone scapegoat for the wider crimes of Wall Street’s dishonest practices which led to the worldwide financial crisis - and for which it has never been brought to account.

Reading articles is for subscribers only. Subscribe now.

The conviction last week of former Goldman Sachs trader Fabrice Tourre on six civil counts of securities fraud left an overwhelming impression of farce. During the entire fortnight of the trial, it was as if just one man, Tourre, was behind the Wall Street malpractices the consequences of which, spreading like a forest fire from the US subprime mortgage market, led to the near meltdown of the world financial system.