Fabrice Tourre doesn’t want to be known as 'fabulous Fab' anymore.
The Wall Street Journal reports that lawyers for Tourre, a former Goldman Sachs VP, asked a federal judge to exclude several colorful emails that securities regulators say are pivotal to their case when his civil trial kicks off next week, including one in which he dubs himself 'the fabulous Fab'.
Bloomberg reports, however, that Tourre tentatively lost his bid to keep the e-mail messages from being introduced as evidence at trial.
U.S. District Judge Katherine Forrest in Manhattan, in a preliminary decision filed Tuesday, overruled Tourre’s objection to the Securities and Exchange Commission using the e-mail in its opening statement. The case, in which Tourre is accused of misleading investors in a synthetic collateralized-debt obligation, is scheduled to begin July 15.
John 'Sean” Coffey', a lawyer for Tourre, argued in court July 8 that the e-mail, which Tourre sent to his girlfriend in London, was personal and had nothing to do with the issues in the trial.
Here are some of Fabulous Fab's infamous e-mails, released in 2010 by Goldman Sachs:
1. 'Just made it to the country of your favourite clients (Belgians)!!! I have managed to sell a few Abacus bonds to widows and orphans that I ran into at the airport, apparently these Belgians love synthetic ABS CDO2!!!!'.
'Not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer with more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job.....amazing how good I am in convincing myself!!!'.
'Yup. work is still as laborious, 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....
In sum, 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.
When I think that I had some input into the creation of this product (which is by the way a product of pure intellectual masturbation, the type of thing which you invent telling yourself: 'well, what if we created a 'thing', which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price ?') it sickens the heart to see it shut down in mid-flight......It's a little like Frankenstein turning against it's own inventor :)'.
'I will give you more details in person on what we spoke about, the summary of the US subprime business situation is that it is not brilliant.
According to (head of Goldman's subprime business Daniel) Sparks, that business is totally dead, and the poor little subprime borrowers will not last long!!
All this is giving me ideas for my medium term future, insomuch as I do not intend to wait for the complete explosion of the industry......'
4. 'I have 'to mentor' the others, in view of the fact that I am now considered a 'dinosaur'. In this business (at my firm the average longevity of an employee is about 2-3 years!!) people ask me about career advice. I feel like I'm losing my mind and I'm only 28!! Ok, I've decided two more years of work and I'm retiring'.
Ex-Goldman VP Seeks To Exclude ‘Fabulous Fab’ Email From Trial (subscriber content)