A lot of attention has been paid to the email where Goldman Sachs (GS) trader Fabrice Tourre talks about the roof caving in, and how only “Fabulous Fab” would survive the whole mess.
That email certainly makes him look like a jerk.
But that’s not the really bad email.
That would be this one:
What does he mean by surreal?
Presumably It means he can’t believe what he’s watching: A Paulson rep and an ACA rep discussing the CDO portfolio, and the ACA rep having no idea what Paulson’s true intentions are.
It’s not obvious that this is fraud, but it is obvious that Tourre was on the side of one client, as that client, apparently worked against the interest of another client. That’s the part that shows horrible faith, and it’s hard to imagine anyone feeling comfortable working with Tourre again.
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