The WSJ was all over Fabrice Tourre today in an article, Goldman’s Tourre foresaw subprime chaos, emails show. If the story is accurate (contrary to a recent post on Dealbreaker.com we still believe in the journalistic integrity of the Wall Street Journal), then the SEC may have found RED lipstick on Tourre’s collar and to safeguard its reputation, Goldman may have no choice but to divorce their rogue cowboy. Says the WSJ of Tourre:
Emails to his girlfriend in the first half of that year suggest Mr. Tourre recognized that the boom in subprime mortgages—which lay behind the products he was marketing—was nearing an end. “According to Sparks, that business is totally dead, and the poor little subprime borrowers will not last so long!!!” Mr. Tourre wrote in a March 2007 email to his girlfriend, referring to Goldman mortgage executive Dan Sparks.
Wow. Was Tourre a little ogre or what? Here’s what else he was alleged to have said by email to his girlfriend:
In a June 2007 email, Mr. Tourre told his girlfriend he had just landed in Belgium where he managed to “sell a few abacus bonds to widows and orphans that I ran into at the airport.”
Widows and orphans! What spouse can remain married to a “Frankenstein” who would sell junk to unsuspecting widows and orphans? Tourre reportedly also said, according to the WSJ “it’s a little like Frankenstein turning against his own inventor.”
On principal alone, Goldman will be forced to ask for divorce from this wise guy. Don’t you think? But what’s up with these intelligent guys getting busted for allowing technology (emails, text messages, cell phones, GPS, social networking) to derail their careers and lives like this?
For more on the article, check out the Wall Street Journal website.