The Senate investigations subcommittee will hear from Goldman Sachs executives today, including CEO Lloyd Blankfein and executive director Fabrice "Fab" Tourrre. Tourre was singled out in the SEC's fraud charges against the firm, but the 31-year-old will "categorically" deny the SEC's claims, adding that the deal he drafted was "not designed to fail." (The SEC claims Tourre created a mortgage securities product that would allow hedge fund dealer John Paulson to make a killing by betting against them.) Tourre infamously emailed a friend in 2007, "Only potential survivor, the fabulous Fab[rice Tourre] ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implication of those monstruosities [sic]" Watch the testimony here.
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2025. Donate today