A Goldman character even more outrageous than Fabrice Tourre has now emerged, thanks to the SEC case.
Meet Tetsuya Ishikawa, the 31-year old who was on the London-based Goldman team that sold ABACUS and recently published a book entitled, How I Caused The Credit Crunch.
He writes about the many strippers, fast cars and “phat pads” that encompassed his lavish lifestyle as a financier at ABN Amro, Morgan Stanley and Goldman Sachs.
We learn in one review of the book that there’s a “thinly veiled” reference to Iskikawa’s entertaining the boys from IKB at a strip joint. (Of course IKB is the same German bank that got clobbered by investing in ABACUS, and now “IKB should have known better” takes on a whole new meaning.)
But the reviews we’ve read have also made us sceptical of the accuracy of anything outrageous Ishikawa writes. He says the book is 90% true, but he writes in the intro that he was under pressure to put as much bad behaviour into the book as possible.
That said, his knowledge of strip clubs is pretty extensive. Ishikawa elaborates in an inteview with the Times.
- “If you’re out on a Friday night and want to sit somewhere for a quiet drink, [the strip club Spearmint Rhino] is good”
- “I’ve been [to a German brothel], but not with a client”
- “I did a lot of travel abroad and the first thing I asked on arriving was: ‘Where is the brothel?'”
- “[A Brazilian lap dancer] became my first wife. My current wife is Korean and works in banking.”
- “Uh, I have [had sex in the office].”
The book isn’t all strip clubs–apparently it details a lot of financial data too. And since he was on the desk that sold ABACUS, had he named names in How I Caused The Credit Crisis or strove for accuracy, Ishikawa’s book would probably be flying off the shelves right now.
But there are no names in Ishikawa’s book because he didn’t want to “scapegoat” anyone, he told Bloomberg last year, “Using real names and firms to explain the credit crunch would not only have apportioned blame unfairly but fuelled the frenzy of scapegoating.”
Still, his book will no doubt fill in some holes, so we look forward to reading it.
Also interesting: since leaving Goldman and writing his memoirs, Tetsuya has also published a few articles, including one last May on the need for financial regulation on derivatives, and another about the 50% so-called bonus tax.
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