Goldman Sachs

Hands up everyone who never sent an email which, if made public, would cause themselves and their employer massive embarrassment.

'Fabulous Fab' entering the Senate hearing. Yes, that's him on the right. Pic: AFP

The particularly modern form of humiliation has the added bonus of many of them being recorded electronically, putting them beyond dispute. It’s not someone’s recollection of events - it’s Microsoft’s.

Investment banking firm Goldman Sachs is the latest to cop it, with emails from executives talking about “shitty” products they were selling with one hand and betting against with the other. The most sensational are the emails from Fabrice “Fabulous Fab” Tourre to his girlfriend referring to “Frankenstein” products invented via “intellectual masturbation” being sold to widows and orphans. Not much room here for the traditional defence of being taken out of context.

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  • poor little dears says:

    08:48am | 29/04/10

    TrueOz Your assumptions rely on people being completely aware of the market and the deals they are signing. Sorry, but people are just too ignorant and stupid to know what they are doing. Hence we need regulations and consumer protection. While it would be great that we could have a… Read more »

  • PKelly says:

    08:18am | 29/04/10

    Good to see good old fashioned socialism is rampant in the land of the free! Socialism is THE most profitable model for some (Goldman Sachs) - this is the lesson! Capitalism is for losers. Read more »

 

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