Keyword: Fabrice Tourre

Convicted French banker 'Fabulous Fab' now teaching economics

Fabrice Tourre, the only banker convicted of charges arising from the 2008 Wall Street crisis, has become a Chicago University teaching assistant.

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

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 © Reuters © Reuters

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.