Fabrice Tourre previewed his defense against civil fraud claims over a failed $1bn investment, telling jurors about his former life as a 28-year-old Goldman Sachs VP, working until midnight, six days a week on a vast trading floor, supervising no one.
'I would say there were thousands of vice presidents at Goldman', Tourre, now 34, testified late yesterday in Manhattan federal court.
The U.S. Securities and Exchange Commission claims Tourre intentionally misled participants in a 2007 deal known as Abacus about the role played by Paulson & Co., the hedge fund run by John Paulson.
The SEC claims Tourre hid that Paulson helped choose the portfolio of subprime mortgage-backed securities underlying Abacus, then made a billion-dollar bet it would fail.
Tourre’s lead lawyer, Pamela Chepiga, began questioning her client Thurssday afternoon, seeking to minimize Tourre’s responsibility for the transaction by showing it was reviewed by dozens of people at Goldman Sachs.
Tourre’s testimony continues Friday.
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