Life Lesson: Don’t Rip People Off And Put The Evidence In A Love Letter
In case you didn’t already know, it’s wrong to knowingly rip people off. Ya know, like when our economy went to hell and big banks claimed to have no idea that the housing market was about to collapse. Because giving home loans to people who can’t pay them back and then having people invest in bundles of such loans is like totally legit and ethical. Anyway, if you are knowingly ripping people off in said fashion, you probably don’t want to share that information in emails to your lover.
Goldman Sachs bond trader, Fabrice Tourre, who liked to refer to himself as “fabulous Fab,” made some not-so-fabu electronic whoopsies that will be at the center of the SEC fraud hearing against the company. In a series of emails Tourre sent to his girlfriend back in 2007, he boasted about ripping “orphans and widows” off by selling them shady sub-prime mortgage bundles even though he knew “that business is totally dead, and the poor little subprime borrowers will not last so long!!!” He even expressed ethical concern in between the pillow talk. In one email implying that he knew what he was doing was wrong, Tourre said:
“It’s bizarre I have the sensation of coming each day to work and re-living the same agony—a little like a bad dream that repeats itself … I’m trading a product which a month ago was worth $100 and which today is only worth $93 and which on average is losing 25 cents a day …That doesn’t seem like a lot but when you take into account that we buy and sell these things that have nominal amounts that are worth billions, well it adds up to a lot of money.”
This makes me mad on so many levels. I want to kick this guy in the nuts. And the sad thing is, he was not acting alone. He was just the only dude stupid enough to write his girlfriend about it. [Reuters]