Ex-Colleague's description of Fabulous Fab's competence not helpful to his case

Fabrice Tourre still

Not what he probably wanted to hear.

An ex-colleague of Fabrice Tourre heaped praise on the former Goldman Sachs vp, saying she was 'very impressed' with his detailed knowledge of the complicated mortgage-backed investments he created and sold.

'He was a trusted member of my team that I respected,” said Gail Kreitman, a former saleswoman at the bank, in testimony Tuesday in Manhattan federal court.

Bloomberg News reports that the compliments, however, weren’t ones Tourre was fishing for.

The Securities and Exchange Commission, in its fraud suit against Tourre, alleged he conned ACA Management LLC - through Kreitman - into lending its name to a 2007 transaction at the center of the case, one that ended up collapsing in a $1bn loss for investors when the housing market imploded.

Kreitman, called by the SEC to the witness stand, was a Goldman Sachs saleswoman on ACA’s account. She testified that, while frequently depending on Tourre for details of the deal, she couldn’t remember who gave her a key piece of information aimed at getting ACA involved.

By evoking Tourre’s competent reputation as part of their examination of Kreitman, SEC lawyers sought to convince jurors it was he who was at the heart of how the deal was structured, and was fully aware of the potential outcomes.

Hit the link below to access the complete Bloomberg article:

Ex-Goldman Saleswoman Called to Bury Tourre With Praise

RBS at Less Than Break-Even Valuation Discredits Osborne

BofA to Goldman Lead Tsunami of Bank Bond Sales: Credit Markets

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News