Last month, new documents detailing the findings of a (necessary) investigation into the suspicious timing of the SEC’s case against Goldman revealed that there was another Goldman trader who, like Fabrice Tourre, the SEC investigated.The SEC later dropped their investigation into the mystery man, but we don’t know why.
Well, the Wall Street Journal just revealed his identity. And now we know somehow Goldman’s Jonathan Egol escaped SEC charges.
From the Wall Street Journal:
The other, previously unnamed Goldman employee that received a Wells notice is Jonathan Egol, Mr. Tourre’s boss in the mortgage division at Goldman Sachs, according to a person familiar with the matter.
Now our timeline of how the SEC’s investigation went down makes a lot more sense.
Egol is the guy Michael Lewis wrote this about a few months ago, remember:
[Fabrice Tourre’s] name isn’t even on the top of the list of Goldman traders listed on the $2 billion Abacus deal for which you are being sued. The name on top of that document is Jonathan Egol. Egol appears to have been the bond trader at the centre of your Abacus program. The same Jonathan Egol who told fellow traders in 2006 — a year before this transaction — that the subprime market was doomed.
The public eventually will ask: Who is Jonathan Egol and what exactly was his game?
Egol’s profile, FYI:
Jonathan M. Egol: Mr. Egol is a Vice President at Goldman, Sachs & Co., where he is responsible for Structured Product Correlation Trading. Jonathan joined Goldman in 1998, and prior to his current role was a senior member of Goldman’s Structured Products CDO business. Prior to joining the CDO business, Mr. Egol was responsible for CMBS Research at Goldman. Jonathan holds a BSE in Aerospace Engineering from Princeton University and an MBA from the University of Chicago Graduate School of Business. Mr. Egol is chairman of The Bond Market Association’s task force for standardization of documentation and market practice regarding structured product synthetics.