Or in his lawyers words,
“Fabrice Tourre, a French citizen, reasonably relied on Goldman Sachs’ institutional process.”
It’s part of Tourre’s general defence that says that the SEC singled him out.
It says that his were activities that many people at Goldman Sachs knew about and were OK with, and he was just doing his job.
In the defence statement he filed yesterday with the SEC, it’s clear that Tourre is going to fight the SEC’s fraud charge head-on.
He’s already winning the sympathy vote because the REAL “Fabulous Fab” email is actually a lot different than the email excerpts the SEC published.
But asking for some understanding about being a young foreigner working at Goldman should help too. He’s French he goes to work in London for Goldman and just does what he (understands) he’s told. It’s simple but it’s kind of a genius thing to add to his defence. Leaving room for what’s been lost in translation leaves a lot of unknowns and reasonable doubt is an awesome thing to have on your side.
(Via the Observer)