Tue, 27 Apr 2010

The senators and their Fab foe

Un-freaking believable! The gall, the arrogance, the utter disregard for anything resembling rules, laws or fairness, even to the people paying his wages. This one really got me, personal like:

Fabulous, in an e-mail from 2007, described the mortgage business as "totally dead, and the poor little subprime borrowers will not last too long!!!" Yet two months later, he boasted that he had managed to dump some more of the worthless mortgage securities on "widows and orphans that I ran into at the airport."

I was one of those "poor little subprime borrowers", you twit. I'm still hanging in there, barely. And I know some of the widows whose pensions loaded up on your "fab" deals. If I were you, I'd hope for a long prison sentence when this is all over. Because your fellow criminals would probably be a whole lot kinder to you than the angry mob that's forming up with torches and pitchforks...

Goldman Sachs whiz kid Fabrice Tourre is fast becoming the poster boy of the financial crisis, a Michael Milken for current times. Last week, the SEC filed fraud charges against Goldman Sachs and the 31-year-old Frenchman who calls himself Fabulous Fab. And on Tuesday, Fabulous sat before a Senate panel that wanted to know how he helped a hedge-fund tycoon make a billion dollars by dumping worthless mortgage securities on unsuspecting Goldman customers and then betting against those same securities -- all the while accelerating the burst of the housing bubble and the downfall of the world economy.

(link) [Washington Post]

Update: Ouch!

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