Fabrice

The Stanford Grad is getting flack. The name is all the rage. The blogs are all afire over the Goldman employee allegedly at the center of the Century's biggest double dip swindle.

At the time he was only a V.P. at Goldman, but they liked his work ethic and promoted him to a higher position in London.

I smell a movie, and truly believe nothing will happen.

San Francisco Chronicle: Fabrice Tourre and Goldman Sachs sued for fraud by SEC

Fabrice Tourre allegedly packaged Credit Default Swaps (CDS) against the very same subprime mortgage-backed securities he created.


In other words, Fabrice Tourre both created a debt instrument that he allegedly knew was risky, then set up insurance - the CDS - to make money when it failed.


So if you were one of the people Fabrice Tourre convinced to buy into his securities, you were set up for a big fall while he walked away with the cash. That's the focus of the SEC's lawsuit.