Keyword: Goldman Sachs
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.
Former French President Nicolas Sarkozy (pictured), who once decried "a financial capitalism" which had "imposed its logic on the whole economy and contributed to perverting it", has joined the ranks of star conference speakers for the investment banking behemoth Goldman Sachs for whom he is to address a conference in London on June 3rd, described by the bank as "an exclusive forum that will bring together institutional investors and risk managers". Since leaving office last year, Sarkozy, who is keeping open his future return to politics, has clocked up a number of speaking engagements for investment banks. As Martine Orange reports, the former president's sudden enthusiasm for a sector where nothing passes for free raises a number of questions, not least that of conflict of interest both past and present.