Goldman’s Fabulous Fab Set to Face SEC Fraud Trial

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July 15 (Bloomberg) -- Fabrice Tourre, the ex-Goldman Sachs vice president whose congressional testimony put a face on the complex structured investments that contributed to the 2008 financial crisis, is set to face trial today on allegations he misled investors. Erik Schatzker reports on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

The former goldman sachs baker is getting his day in court.

He used to be known as the fabulous fy.

He is accused of misleading investors.

Erik schatzker looks at how he became an infamous symbol of the images -- financial crisis.

He was a low-level banker when the fcc -- sec accused him of fraud.

After testifying, he became one of the basis of the financial crisis.

Chances are you know him better by his self-styled nicknamed, the fabulous fab, made infamous by an e-mail he sent on the eve of the mortgage meltdown.

In 2007, he was hunting for investors to take one side of the complex trade.

It was a derivative instruments based on subprime mortgage bonds.

What made it different was the bonds were handpicked by john paulson betting against the housing market.

Austin to create an instrument he could short, an instrument designed to fail.

The sec says he withheld bought from investors who took the other side and eventually lost more than $1 billion.

You knew he helped select the mortgages.

Goldman settled the allegations for five and $50 million.

Tourre decided to fight the charges with goldman footing the bill for his defense.

Another of his e-mails may help to explain why.

Tourre is currently working on his ph.d. in economics at university of chicago.

It sounds like he has more to learn.

The future of edward snowden remains up in the air.

This text has been automatically generated. It may not be 100% accurate.

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