Economics
Tourre to Break Silence Testifying at SEC Trial Over CDO
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Fabrice Tourre, the former Goldman Sachs Group Inc. vice president facing civil fraud claims over a mortgage bond debacle that made his client $1 billion, may say on the witness stand today that he’s a scapegoat who only tried to do his best for the firm.
Tourre, now a 34-year-old graduate student, is scheduled to testify before a jury in Manhattan federal court this afternoon about his role in structuring and selling a 2007 mortgage-backed investment that lost a group of investors about $1 billion when the mortgage market crashed. It will be his first chance to make good on a April 2010 promise to Congress to fight U.S. Securities and Exchange Commission allegations that he “categorically” denied.