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Breakingviews: Don't flub on Fab

Thursday, July 11, 2013 - 03:49

Antony Currie talks to Reynolds Holding about the SEC’s looming lawsuit against ex-Goldman CDO banker Fabrice “Fabulous Fab” Tourre, and why the Wall St watchdog can’t afford another loss in court.

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We have a rare event coming next week. Get this a Wall Street bank is actually going on trial for his role. In the financial crisis went back -- 2007. Scientists have -- that Goldman Sachs banker involved in the CDO you'll see that go go and find 550 million dollars. Is on trial here in Manhattan next week rent. This is a big thing for us as -- exchange at this. The FCC is Francois hasn't gone after many individual dealt with a financial crisis as it's taken even fewer. The trial and also that has taken a trial it's it's -- it's lost them all it took it very similar case against it sort of mid level right Citigroup banker last year. Lost that. Went after the reserve primary fund the of mutual fund that -- after its managers for you know on. Few months later. Lost that so and so -- what it's really got to witness and I are gonna look bad -- -- it -- -- is also saying their patent vertically help from the colts. All of our citizens back America -- a nickel slot that's open which is good pick up 550 million dollars haven't -- those same deal but with no mission will no admission of guilt so that is that god here's this series go to shows that it it can be right -- -- here -- my primary collecting has a new treatment as -- -- to our chairman of course -- -- C. As this but Mary Jo White -- She has a reputation for being a tough enforcer. This case was not brought under her watch -- as he just it to him but. You know this is really gonna depend on or her reputation has really can it depend on how this thing comes out -- to a certain degree. If the SEC loses. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- This one was a CDU called abacus if it was. Back to find derivatives. Linked to. Sub prime mortgages -- subprime Martha outspent us so it is a billion dollar deal we hats. AC -- of movies Shura analyst and investor you know coming in and saying we're we will find most of this will also pick the securities won't -- our credibility to it and -- these securities and then go so investors know that some objective person -- Selected dominant in a good security and -- this and basically went under there now saying that this this was designed to fail. Because I lost money or you made as an advance. Because you didn't have to jump pulls in Mosul the other side of the Israelis while reminding I don't think Norris on the other side they didn't know we were shorting. The whole thing right back. The allegation is that Goldman told BCA. That. Paulson was long he believes that these -- long long incidentally just long that he was just -- And -- -- clear you know the evidence will come out long and short but he lists totally sure Casey aces of the need to know that the if it had would invested wouldn't it help pick the bonds ruined its credibility that's fraud. But it's a big boy it sure to note this stuff yes sure I should investigate a lot of -- have of course rages beforehand and I can't be that -- back. He's so that we know them CBO -- you know the mobile phones -- the mortgage market. That he -- -- blessing to me is that I got 250 that they believe that they would -- that they should know what they're buying initiative checks yet and their reputations damaged my view at least this. Tough -- and the evidence may prove you right -- just stick it. Well thanks that right now the trust thoughts on the money so movie watching them. I'm will be back with more breaking east tomorrow.

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Breakingviews: Don't flub on Fab

Thursday, July 11, 2013 - 03:49

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