GOLDMAN SACHS V. FABRICE TOURRE: Will Paolo Pellegrini turn out to be the third party interloper that saves Fabrice Tourre’s marriage to Goldman Sachs? First of all, this idea that Tourre is in the dog house may not be totally accurate. After all, the family is taking a road trip to Washington. Says the Wall Street Journal:
On Tuesday, all eyes interested in the matter will be on Capitol Hill. Fabrice Tourre, the Goldman trader who set up the Abacus deal, and at least three of the bank’s top executives, including chief executive Lloyd Blankfein (pictured), will testify before Permanent Subcommittee on Investigations to defend the firm’s business activities and reputation.
So they sound like one big happy family to me. The other thing is, I just read that there could be some kinks in the SEC’s case. The SEC is trying to show that Goldman misled ACA Management into believing that Paulson had a “long position” on certain “controversial mortgage deals” when, according to Paolo (A former Paulson employee), ACA knew from the beginning that Paulson was going to “bet short.”
First of all, what the—- does that all mean? No clue. But it could save Goldman according to the Wall Street Journal. And that would be good for Tourre’s marriage to the firm. In English, that would mean he doesn’t to worry about a sua sponte divorce! :)….I know. This would be really interesting, if only we knew what the heck they’re talking about.