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Was Fabrice Tourre Cheating On His Girlfriend? Are CDOs Really Nothing More Than "Intellectual Masturbation"?

Tyler Durden's picture


Zero Hedge is currently going through the 100 or so pages of just released Goldman emails that disclose in excruciating detail the events from late 2006 to late 2007 occurring in Goldman's mortgage trading business. We will have a lot more to say on this tomorrow, suffice to say that we were pleasantly surprised that C-BASS, which we uncovered recently may be implicated in the Goldman SEC fraud scandal, is again involved. We also feel bad for Harvard and MS Prop, and a little better for Hayman Capital. Stay tuned. In the meantime, we will take a brief detour into the financial yellow pages, as we focus on the curious case of Fabrice Tourre, who once again plays a prominent role in today's email discovery. The first thing that caught our attention is the original "Fab Fab" email, finally reproduced in its entirety. One tangent that may be relevant to gleaning some more insight into the character of the "fabulous" 27 year-old mortgage god, is that at the time he penned his email to girlfriend (#1), then Goldman co-worker, Marine Serres, he was likely also with girlfriend (#2) Fatiha Bouktouche, a Columbia University post Doc, to whom he may have been disclosing proprietary Goldman holdings and trades. Who knows to whom, when or how Fatiha may have leaked insider trades whispered to her by Fabrice, and who knows what CDO trades Marine was pitching to the retarded (and soon to be bankrupt) European banks gobbling up everything Goldman would sell them, structured and originated by her boyfriend.

We recreate the original email:

From:       Fabrice Tourre
Sent:       Tuesday, January 23, 2007 11:34 PM
To:          Marine Serres
Subject:   Fw: ft--friday

Darling you should take a look at this article... Very insightful...More and more leverage in the system, l'edifice entier riqsue de s'effondrer  a tout moment.... Seul survivant potentiel, the fabulous Fab (as Mitch would kindly call me, even though there is nothing fabulous abt me, just kindness, altruism and deep love for some gorgeous and super smart French girl in London), standing in the middle of all these complex, highly levered exotic trades he created without necessarily understanding all the implications of these monstruosities !!! Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am in convincing myself !!!

Sweetheart, I am now going to try to get away from ABX and other ethical questions, and immediately plunge into Freakonomics... I feel blessed to be with you, to be able to learn and share special things with you, I love when you advise me on books I should be reading. I feel like we share a lot of things in common, a lot of values, topics we are interested in and intrigued by... I just love you !!!

Your chtit Fab

The first thing to note here is the biographical details on Ms. Serres. Curiously, a generic google search reveals that her LinkedIn profile has been deleted promptly and very recently. Too bad once something hits the Interwebs it never disappears. Which is why we recreate the cached version of the page which Ms. Serres decided to take down in a hurry.

It may be interesting to get some insight into just who Ms. Serres was selling "Structured Products" and just what "over the Wall" information she may have been privy too. We know that there is something in Ms. Serres bio that prompted her to
take down her LinkedIn page immediately. We would like to find out what
it is. It would not be far fetched to imagine that Ms. Serres was instrumental in selling CDOs and other structured products to Goldman's European clients. Surely, this such a blatant and very much illegal practice demands at least another Congressional investigation. Congress - get right on it. As a reminder, Gail Kreitman, whose testimony was critical in the SEC case against Goldman, and who mysteriously departed Goldman in June 2009 was also a structured products salesman at Goldman (Gail's husband was a founder of subprime "specialist" C-BASS, which lilquidited and subsequently was acquired by Goldman Sachs for pennies on the dollar). According to the FSA database, Marine Charlotte Alexandra Serres left Goldman on October 31, 2007.

To be sure Marine felt the same way the Fab said he felt about her:

From:        Serres, Marine
Sent:        Wednesday, March 07, 2007 6:43 AM
To:           Tourre, Fabrice
Subject:    RE: Diner

And right now, I'd love nothing more than just curl in your arms, feel the warmth of your skin and just stay there smiling for hours (with occasional - frequent - tender kisses... ;)

Reveille toi doucement mon amour...

Ta chtite puce

What is interesting in the email discovery is that there was another woman in the life of "kind and altruistic" Fab Fab: then Columbia University Post Doc Fatiha Bouhktouche.

In an email Fabrice sent out on January 29, less than a week after the critical January 23 email sent to Marine (see above), he writes:

Yep, work is still as laborious, it's bizarre I have the sensation of coming each day to work and re-living the same agony - a little like a bad dream that repeats itself... In sum, I'm trading a product which a month ago was worth $ 100 and which today is only worth $ 93 and which on average is losing 25 Cents a day...That doesn't seem like a lot but when you take into account that we buy and sell these things that have nominal amounts that are worth billions, well it adds up to a lot of money.

When I think that I had some input into the creation of this product (which by the way is a product of pure intellectual masturbation, the type of thing which you invent telling yourself: "Well, what if we created a "thing", which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?") it sickens the heart to see it shot down in mid-flight... it's a little like Frankenstein turning against his own inventor ;) Anyway I don't want to bore you with my stories, I'm going to look in the yellow pages for the phone number of the ABX market and I'll send it to you, because I believe that a soft and sensual feminine intervention is necessary for Fab's survival


Fab (In string, which is rather free)

To which Fatiha, presumably unaware of Marine's existence in far away London replies:

j'aurais bien aime t'aider...mais j'ai cherche les coordonnees sur les yellowpages et j'ai pas trouve...A defaut des marches, je pourrai aussi essayer d'intervenir aupres de toi de facon douce et sensuelle... ;') Just ler me know si ca peut t'aider!!! bizzzzzzzzzoux

Even non-French speaking readers can figure out the gist. We are far from making moral judgments on Fab's love life, who a mere 6 days earlier pledges himself as full of "kindness, altruism and love" for another woman, although has no problems to carry on a parallel existence filled with "bizzzzzous" and more than one "intervention feminine douce et sensuelle." However, the question of just how much confidential information about Goldman's prop trading positions the seemingly endlessly boastful Fab was disclosing to his at least 2 girlfriends deserves additional probing. And while we are certain that a certain Columbia post-doc did not have access to trading ABX, IG, CDO2 or any other "intellectual masturbation" product which only Goldman can specialize in, who knows who else may have benefited from Fatiha's information conduit.

We are confident that the hearing on Tuesday will cover none of these moderately relevant issues, and instead will be based on soundbites from Congressional staffers who are pounding the populist drum without having a grasp of the big picture, in hopes of taking advantage of the Goldman scapegoating campaign to boost declining ratings.

We will have more to say about the full email discovery tomorrow, as there are some other much more relevant disclosures, some very critical about just how Goldman takes advantage of its market monopolistic position to push the market in any way it wants.


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Sun, 04/25/2010 - 00:11 | 316661 masterus
masterus's picture

French passion leads to masturbation in every field.

Sun, 04/25/2010 - 01:57 | 316733 Pamela Anderson
Pamela Anderson's picture

Erin Burnett, Don't you get it??? Only someone as STUPID as you are can drink the Kool Aid that all the crooks and liars that you interview give you to drink!.... wait... wait... it's not their fault if they find someone as shalow and naive as you are... every day you are just played like a cheap whore! Two years ago you were saying that the high oil price was a result of world demand! FUC%#NG IDIOT!!!! It was at $140!!!! Don't you get how Wall Street works???



Sun, 04/25/2010 - 12:17 | 316973 aint no fortuna...
aint no fortunate son's picture

The day my mute went on permanent for all things CNBC was the day that nitwit Burnett looked into the camera as she defended China for another egregious act of human rights deprivation or some such thing, and uttered a phrase that will burn in my memory forever, as she choked back the tears with her heartfelt "But the Chinese are our friends..." excuse for their behavior... Jon Steward had a field day with that scene that night.

She's just another former Goldman bimbo sent out from the pod to infect the earth... in her own way as despicable as Crammer. 

Sun, 04/25/2010 - 14:16 | 317078 anynonmous
anynonmous's picture

Video - Erin burnett met joe kernen in a hot tub - TV


and Erin on Erin


"Eight Things That Would Impress Me"

Sun, 04/25/2010 - 18:13 | 317248 Careless Whisper
Careless Whisper's picture

fab fab needs an agent, not a lawyer.

Sun, 04/25/2010 - 15:39 | 317150 sgt_doom
sgt_doom's picture

I greatly appreciate your comments, Mr. or Ms. Anderson, but really, why does ANYONE bother with the American propaganda networks (we most definitely do not have any MEDIA in America --- that's NO media....PERIOD@@!!).

I gave up on ALL of the propaganda networks sometime ago (actually, 2001, but I should have quite at 1999).  I read government documents and the foreign press, aside from superior web stuff such as zerohedge, etc.  I CAN usually verify what I read in the foreign press, or on the Web, from government documents.....I can almost never verify ANYTHING I read or hear in the American propaganda networks (including Newsweek, Time, The Economist, etc., etc., ad nauseum...).

Of course they don't hire, or those they hire refuse to report, in anything other than Wonderland, that universe which ignores the existence of history, economics, arithmetic...ya know...the BIG stuff....

Sun, 04/25/2010 - 20:21 | 317342 chealy3
chealy3's picture

what are you wiling to sacrefiece to make it change?

Sun, 04/25/2010 - 19:03 | 317283 milbank
milbank's picture

Yes CDOs are more than "Intellectual Masturbation" and yes, he was cheating on his girlfriend.  I know for a fact he was screwing his customers and eventually the U.S. taxpayers.

Sun, 04/25/2010 - 00:25 | 316667 dark pools of soros
dark pools of soros's picture

what dork board girl would pay attention to any of that finance geek crap?

Sun, 04/25/2010 - 00:58 | 316691 Johnny Bravo
Johnny Bravo's picture

One that likes guys with money?

Look at Nouriel Roubini.  He's got all kinds of cougar followers, even though he's kinda lame, and not attractive, etc.

Sun, 04/25/2010 - 02:59 | 316759 anonnn
anonnn's picture

Q1. Who does she work for?

Q2. Who does she really work for?

Sun, 04/25/2010 - 08:53 | 316843 mikla
mikla's picture

+1, good point.

Sun, 04/25/2010 - 00:27 | 316669 MsCreant
MsCreant's picture

Wow, covered a lot in one post.

Pride _x_

Envy _?_

Gluttony _?_

Lust _x_

Anger _x_ ask either woman

Greed _x_

Sloth _x_

Sun, 04/25/2010 - 14:03 | 317069 Miles Kendig
Miles Kendig's picture

Just a hand in the bush...

Sun, 04/25/2010 - 00:28 | 316670 Ras Bongo
Ras Bongo's picture

Would pay to see the women's faces right now. LOL!

Sun, 04/25/2010 - 00:37 | 316677 dark pools of soros
dark pools of soros's picture

nah - rather pay to see their boobs

Sun, 04/25/2010 - 01:00 | 316692 Johnny Bravo
Johnny Bravo's picture

While I like the way you think...

NEVER pay to see a woman's boobs.  You can always see some for free with a little bit of applying yourself.

Shit, some drunk whore at the bar will flash you after she kisses some other drunk whore if you're unsuccessful at talking girls into it otherwise.


Sun, 04/25/2010 - 01:24 | 316703 Moneygrove
Moneygrove's picture

+ 1,000

Sun, 04/25/2010 - 09:41 | 316859 Janice
Janice's picture

I know a guy like you.  Now, he's 47 years old, having been divorced 3 times, living alone in a mobile home.  The only one that talks to him is his mother.  When you seek to degrade someone else, a little filth rubs off on you.

Sun, 04/25/2010 - 10:09 | 316878 Hulk
Hulk's picture


Sun, 04/25/2010 - 10:53 | 316906 Canucklehead
Canucklehead's picture

Were you one of the three or is he your brother?  Just askin...

Sun, 04/25/2010 - 14:04 | 317070 Janice
Janice's picture

N/A.  When you get older, you look back over you life & realize that there was "that one", just one, that got away, but should have been kept.  For the 47 year old guy, I was "that one", just that one little fish that got away.  Slipped through his hands like water.  Carry on, move along, nothing to see here.

Sun, 04/25/2010 - 13:47 | 317015 Miles Kendig
Miles Kendig's picture

Janice - You remind me of MN Nice, but with more attitude.  Well said.  For who among us is without blemish?  As a 47 y/o disabled army ranger who has been twice divorced your comment strikes me as exquisite.  peace

For the box/cube dwellers - Layne

Sun, 04/25/2010 - 14:11 | 317079 Janice
Janice's picture

Thank you for your service & sacrifice.  I was in service for 9 years.  Love ALL Alice in Chains - Facelift & Jar of Flies.

Sun, 04/25/2010 - 14:26 | 317091 Miles Kendig
Miles Kendig's picture

You arrived after I did a name change from Layne to Miles..  Kept the pic tho ..  I'll be looking for your perspectives and I suspect that they will continue to rock.  After all, fight club is really a love hate love kinda deal.  peace

- Layne

Sun, 04/25/2010 - 15:22 | 316676 Miles Kendig
Miles Kendig's picture

Fab Fab must love the look of red sharpie colored toenails now.... Heck, this might even generate sympathy with some of his senate questioners.

The real deal here is, of course, the money.  And as is the norm we discover matters of the heart along the money trail.

Sun, 04/25/2010 - 01:01 | 316693 Glen
Glen's picture


Sun, 04/25/2010 - 01:12 | 316700 williambanzai7
williambanzai7's picture

Scum sucking pencil necked geeks...
Captain Lou Albano

Sun, 04/25/2010 - 17:04 | 317195 J. Pierpont Finch
J. Pierpont Finch's picture

The line is "Pencil-neck geek, grit-eating freak, scum-sucking peehead with 
a lousy physique! A one-man, no-good losing streak - nothing but a pencil-neck
 geek!" And it was the wrestler Classie Freddie Blassie who sang it.

Sun, 04/25/2010 - 01:18 | 316702 Glenjo
Glenjo's picture

Indeed!  That nasty intellectual masturbation always made the pages of my textbooks stick together after I was done studying.

Sun, 04/25/2010 - 02:58 | 316758 whatsinaname
whatsinaname's picture

Or ur hair stick up aka Jim Carrie..haha

Sun, 04/25/2010 - 01:28 | 316704 ZeroPower
ZeroPower's picture

The panel in the senate that gets to ask Fabrice questions is going to have a fucking FIELD DAY with those emails, and will most probably end up ignoring the main issue at stake with their whole 5 minutes of question time

Sun, 04/25/2010 - 01:29 | 316706 Illya Kuryakin
Illya Kuryakin's picture

WTF is this Fabrice guy doing out there a free man anyway? Where is fucking Eric Holder? 

Sun, 04/25/2010 - 01:50 | 316726 Kataphraktos
Kataphraktos's picture

Recharging in his regeneration alcove.

Sun, 04/25/2010 - 01:52 | 316728 Rusty_Shackleford
Rusty_Shackleford's picture

Holder's too busy pulling the plug on voter intimidation cases.

Sun, 04/25/2010 - 10:50 | 316861 svendthrift
svendthrift's picture

Holder is also busy continuing the cover up of the FBI's murder of Kenneth Michael Trentadue:


Sun, 04/25/2010 - 03:48 | 316769 tony bonn
tony bonn's picture

eric holder couldn't find a naked ass in a whore house....he's got his dick so far up obama's corrupt kenyan ass he probably doesn't even know what cdo stands for and doesn't have the remotest interest.

Sun, 04/25/2010 - 01:39 | 316707 ZeroPower
ZeroPower's picture

double post fail

Sun, 04/25/2010 - 01:31 | 316709 Mitchman
Mitchman's picture



This is the best G-D financial page on the Internet.  Bar none!

Sun, 04/25/2010 - 01:51 | 316727 Cursive
Cursive's picture

He really should get a pulitzer or something for this.  But then, that's not in the fight club rules.  Trophies are for little bitches.

Sun, 04/25/2010 - 10:36 | 316893 MsCreant
MsCreant's picture

If they are just dying to know his real identity, a Pulitzer should bring him out of the woodwork.

Sun, 04/25/2010 - 13:07 | 317026 Miles Kendig
Miles Kendig's picture

That's his & hers since Tyler posts are gender unspecific.  But ya, the real awards for ZH are page reads, donations, seeing ZH material creep into the decision cycle of the Ponzi and those who populate it.  Please do what you can to support this process.  peace

Sun, 04/25/2010 - 01:40 | 316716 ZeroPower
ZeroPower's picture


Sun, 04/25/2010 - 01:40 | 316719 percolator
percolator's picture

fab fab is going to be someones bitch in prison.

Sun, 04/25/2010 - 13:10 | 317032 Miles Kendig
Miles Kendig's picture

Just like Keating with the Irish mob at FCI Phoenix, Fab will be paying millions in protection.  A real cash cow Fab Fab will be in prison.  A net positive per capita for everyone involved, except for Fab Fab and those that will have to tote his water.

Sun, 04/25/2010 - 01:46 | 316723 chindit13
chindit13's picture

The Best of the Best.  The Smartest Guys in the Room.  The epitome of financial acumen.  God's work.  The legendary and highly respected Goldman Sachs.

Funny how a hundred fifty years of image can be shattered and (hopefully)irrevocably destroyed in a mere few lines of email.

THAT is how to fight the good fight, Tyler Durden.  Lift up the firm's collective towel and show its little weenie to the entire world, especially to the taxpayers whose children will pay for what Goldman hath wrought and bought.

In this war you may win a Medal of Honor.  Just be careful not to earn a Purple Heart. We have a wounded animal being backed into a corner.

As an aside, it it interesting that Fabrice seems to have a conscience of sorts, though not necessarily in his relationships with women.  His concern and seeming guilt over the already-rotting toxic waste he knows he and his firm are creating and distributing is something I thought Goldman tried to excise in its sublimation process.

I would guess that after this piece gets air time, Sunday will be a work day across much of Wall Street as employees purge their own email records.  If Serge was a free man, the hacking he could do could fill volumes.

Sun, 04/25/2010 - 01:56 | 316732 Hulk
Hulk's picture

They can purge all they want, firms have network appliances in place that record and store all email , several years worth in fact!

Although I am sure goldman just deep sixed theirs!

Sun, 04/25/2010 - 13:14 | 317037 Miles Kendig
Miles Kendig's picture

So does the NSA & DIA, but that is also a separate matter.  BTW Chindit13, excellent commentary!  Thanks for stepping up.

Sun, 04/25/2010 - 10:16 | 316883 PeterSchump
PeterSchump's picture

It is painfully clear that they are only the smartest guys in the room because they are the teachers pets, and the teacher (Gubmint) has rigged the curriculum in their favor.

Sun, 04/25/2010 - 16:34 | 317183 drwells
drwells's picture


Sun, 04/25/2010 - 17:12 | 317108 velobabe
velobabe's picture

funny? i just don't get this humor.

my daughter has a friend that was in the same grade as erin, attending st. andrew's school.

never mentioned these qualities being spoken about her here. they were all born 1976.

i pay attention. please no one reply to this post.

virgin blogger thinks she can play with all the big girls and boys of WS on ZH. how so, cause i lost a couple millions in the stock market over a life time and got gang raped in RE. was born with a PhD, would of shared any of it, but they had to steal it. came to this party being the most stupid ass person not knowing about the fucking track button. boy would i have planned accordingly. thought the pages kinda went bye bye. i am really embarrassed for myself at this time, and apology to anyone i might of hurt. let me tell you it is a cruel world when you are as dumb as i am.


chindit, if you were erin's mother would you defend her honor here?

erin didn't do anything to harm any of you or this world, she is innocent.

she could be anyones daughter. kc

Sun, 04/25/2010 - 17:13 | 317200 velobabe
velobabe's picture

reply, so i can't change my mind.

Sun, 04/25/2010 - 17:24 | 317210 velobabe
velobabe's picture

oh, thanks for not replying above. i respected that† go ahead and junk me if you want.

Sun, 04/25/2010 - 18:02 | 317237 chindit13
chindit13's picture

Erin who?  I believe you responded or linked to the wrong comment.  I did not write anything about any Erin.

Sun, 04/25/2010 - 20:59 | 317293 Miles Kendig
Miles Kendig's picture

Relax.  Please.  And don't be embarrassed.  One of the deals here is that if someone feels slighted or maligned then they address and settle the matter/s as soon as practicable.  You're doing just fine, keep at it as every voice is important here.  peace 

Sun, 04/25/2010 - 01:47 | 316725 BlackBeard
BlackBeard's picture

HAHA! this shit is gold!  and Fab is an AAA rated douchebag!

Sun, 04/25/2010 - 02:01 | 316735 Cursive
Cursive's picture

D-bag?  A really ghey D-bag.  How does one recover from this expose?  And read this quote again:

standing in the middle of all these complex, highly levered exotic trades he created without necessarily understanding all the implications of these monstruosities !!! Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;) amazing how good I am in convincing myself !!!

A plane landed on Wall Street and all the adults were dead.  What ensued was a financial version of Lord of the Flies.

Sun, 04/25/2010 - 02:10 | 316739 Hulk
Hulk's picture

Stunning to contemplate.....

A plane landed on Wall Street and all the adults were dead.  What ensued was a financial version of Lord of the Flies.

Well stated...

Sun, 04/25/2010 - 08:56 | 316846 mikla
mikla's picture

+1, best metaphor yet.

Sun, 04/25/2010 - 10:24 | 316888 MsCreant
MsCreant's picture

I'm with Hulk, nice work cursive.

Sun, 04/25/2010 - 10:34 | 316892 Cursive
Cursive's picture

Thanks MsC and everybody.  Always enjoy reading ya'll, too!

Sun, 04/25/2010 - 13:17 | 317039 Miles Kendig
Miles Kendig's picture

Cursive - You got all of that one.  What is with all of the new pics lately?  I am having to readjust my quick scan capabilities and slow down.  Thanx again for the smile and the readjustment of pace. peace

Sun, 04/25/2010 - 01:54 | 316730 Kataphraktos
Kataphraktos's picture

Funny anecdote: I used to live near Univerity Place and 10th Street. A guy who runs a shop nearby told me g-man investigators questioned him recently about one Fabrice Tourre, who used to live in my building... Not sure what they were looking for.

He lived in my building. I feel dirty, and for once, not only because I was near a Frenchman.

Sun, 04/25/2010 - 02:04 | 316737 Cursive
Cursive's picture

Robo needs to spice up this piece with some stills of Marine and Fahita.

Sun, 04/25/2010 - 02:15 | 316743 chindit13
chindit13's picture

Just kidding, but Fahitas (or Fajitas) are a nice spicy Mexican quickie.  This is Fatiha, who is probably of either Algerian or Tunisian extraction, and no doubt spicy in her own way (a little more cinnamon and cardomom, a little less chili).

The more ridicule, the better.  This is a war.


Sun, 04/25/2010 - 10:37 | 316894 Cursive
Cursive's picture


LOL.  Now I really want to see this lady.  And then pick up some fajitas and churros!

Sun, 04/25/2010 - 02:19 | 316744 williambanzai7
Sun, 04/25/2010 - 10:19 | 316884 Commander Cody
Commander Cody's picture

Smoking kielbasa indeed!  You crack me up.

Sun, 04/25/2010 - 03:18 | 316765 Fazzie
Fazzie's picture

  Old fat greedy fucks  (aka senators) vs the "Fab Fab" Frenchman live on c-span!

Complete with scandalous emails, as noted above that cover all 7 cardinal sins in a few paragraphs!

 This will be a great chapter in the ongoing "As the squid squirms" soap opera.

  Pure theatre of course, no one will be so outraged as to give back any Goldman contributions or cancel any meetings with Goldman lobbyists, but its sure to be great fun anyway.

Sun, 04/25/2010 - 03:21 | 316766 Hephasteus
Hephasteus's picture

This is disgusting. I really don't want to hear about them poking their blood funnel in stuff. I'm going to go throw up.

Sun, 04/25/2010 - 04:01 | 316773 aleph0
aleph0's picture

... love for another woman ...

Let the cat-fight begin !
Should be good for discovery ;-) 



Sun, 04/25/2010 - 04:05 | 316774 tony bonn
tony bonn's picture

first of all, is someone making up these drivelous emails?? did any of these two hos believe the amorous twaddle? tourre sounds like a bad oil slick.....

on the other hand, if zh can proceed beyond the salacious with these revelations i feel qualification for a pulitzer coming on....however, the pulitzer committee is owned by the same "people" who own congress....

and yet for all of tourre's betise d'imbecile he makes one shrewd remark about the fraudulence AND he was working under someone's direction - n'est-ce pas? follow the money all the way to blankfein's asshole...that pos needs to be fitted for an orange jumpsuit....

this has legs....

Sun, 04/25/2010 - 06:51 | 316815 LeBalance
LeBalance's picture

Certainly this could be connected to Blankfein, but could we dream to connect it to the next level up in the Ponzi?

Sun, 04/25/2010 - 10:57 | 316908 Cursive
Cursive's picture

@tony bonn

Yes, this has legs because legs are involved.  What damaged Bill Clinton?  Allowing the selling super computers to China?  Nope?  Allowing the selling of Loral missile technology to China?  Nope.  Nafta?  Nope.  Repeal of Glass Steagall?  Nope.  Receiving fellatio and analingus from Monica Lewinski?  Yep.  Our society is so vacuous, so enthralled with our baser urges that only a sex scandal can get the required attention.

Sun, 04/25/2010 - 11:13 | 316922 Hulk
Hulk's picture

Another home run Cursive.

I'll add one more thing Clinton gave us: Oral sex amongst teenagers is now epidemic, as casual as  a kiss. I don't know how much influence Clinton had on this new trend, but I sure as hell know he didn't help it any..

Sun, 04/25/2010 - 12:49 | 317009 tony bonn
tony bonn's picture

i used to think that about the clintons but i have come to believe that there was indeed a vast rightwing conspiracy against them...the clintons made the mistake of getting into bed with the bush crime syndicate....daddy bush thought that he could control billy by perpetrating a scandal on his presidency.....i am not sure what the clintons did to anger bush but the bcs sent a warning shot in 1993 when it murdered vincent foster whose effects had worn off when the lewinsky scandal broke....

you have to remember that linda tripp and monica lewinsky were high level intelligence agents working ultimately for the cia.....lewinsky was most likely working through mossad just as chandra levy and a small squad of other female intelligence agents were doing....rahm emmanuel is/was north american director for mossad ops....

the bcs was running the china operations inside the white house just as it had done irangate in the 1980s reagan white house....the difficulty in sorting through the complexities is that the clintons collaborated at some level or were willing to be frontmen to the bcs.....

so the point about sex is a doesn't explain anything....the hoopla surrounding the clintons was frothing at the mouth organized by the bcs / cia just as it had done when it assassinated nixon....that feeding frenzy was highly organized cia work....

blankfein is a very important cog....these financial instruments were the creation of i-am-god fratboys of which daddy bush is the premier example....that is why blankfein or dimon claimed that he was doing god's work.....he is doing the work of the bcs just as the clintons were doing..

Sun, 04/25/2010 - 17:57 | 317042 Miles Kendig
Miles Kendig's picture

Cursive - No wonder there are lawn chairs and coolers filled with beer sitting outside so many master bedrooms & boardrooms all across the nation....  GS and the National Enquirer, a match made in heaven.  What kills me is that the attitude of GS to phuck everything in sight appears to apply to how GS employees treat each other as well.

I suppose that this lawn chair phenomenon is the real root of "Goldman envy" since those that choose to sit in the lawn chair have no real lives of their own leading to city boys & girls gone wild.

Sun, 04/25/2010 - 16:37 | 317184 drwells
drwells's picture


Sun, 04/25/2010 - 04:06 | 316776 ambrosiac
ambrosiac's picture


     Considering that my girlfriend was once accosted by a banker who eagerly requested to lick her sweaty toes, I find poor fab Fab's sexual proclivities to be squarely on the normal side in comparison.   Let's cut the poor guy some slack.   In view of the forcible contra natura rape looming in his near future.

Sun, 04/25/2010 - 04:08 | 316777 Alexandra Hamilton
Alexandra Hamilton's picture

He is just a fuse in the system that serves to protect the system. If he blows, he will just be replaced by a new bright-but-clueless person, who thinks she is successful because of her skills, and doesn't realise that she is successful because someone lets here be, for a reason entirely different than helping her advance in her career.

Sun, 04/25/2010 - 08:02 | 316825 chealy3
chealy3's picture


Sun, 04/25/2010 - 08:55 | 316845 Alexandra Hamilton
Alexandra Hamilton's picture

In British English it's realise.

Sun, 04/25/2010 - 21:07 | 317391 chealy3
chealy3's picture

in english its realise



Sun, 04/25/2010 - 10:30 | 316889 MsCreant
MsCreant's picture

Why do that? What earthly purpose does it serve?

Sun, 04/25/2010 - 11:04 | 316910 imaginalis
imaginalis's picture

I thought this thread was about French letters not English

Sun, 04/25/2010 - 11:11 | 316921 MsCreant
MsCreant's picture


Sun, 04/25/2010 - 13:31 | 317047 Miles Kendig
Miles Kendig's picture

Your changes are making my head spin pal....  Timely pic tho.  ;-]

Sun, 04/25/2010 - 08:24 | 316833 Postal
Postal's picture

Affirmative action, sexual favors, and political grandstanding would never affect a hiring decision. After all, these people could bring down the global financial system, so we hire solely on merit, qualifications, and ethical integrity...


Sun, 04/25/2010 - 10:24 | 316887 Commander Cody
Commander Cody's picture

Correct.  The Fed/Wall Street/Congressional & Presidential enablers are one big crime syndicate.  Laws?  What laws?

Sun, 04/25/2010 - 04:45 | 316782 ajax
ajax's picture

"chercher la femme", Fab le fab.

Sun, 04/25/2010 - 05:55 | 316799 Privatus
Privatus's picture facon douche.

Sun, 04/25/2010 - 06:16 | 316807 dumpster
dumpster's picture


a sophisticated glowing man about town, linen trousers, elegant shirt, made for leather Italian shoes, a touch of grey in the sideburns,  with a light of invincibility.  a brief smile of knowing the way of wall street ,

who would have known three years away from blinding cancer of the inner organs. The slow march to destinys end.  

such is the cover for the march of mans folly, the race of ashes to ashes  , the sands of time blowing forever  into the dust bin of history.

The grave makes each a common cypher in a mad rush to beat the bank,

The stone marked here lies , a testament to the brief years of mans inhumanity to man. 

Yet the portals of time mean little to the sophisticated investors decked out in the finery of today.


Sun, 04/25/2010 - 10:19 | 316885 Hulk
Hulk's picture

So true dumpster...

Sun, 04/25/2010 - 06:40 | 316811 BorisTheBlade
BorisTheBlade's picture

Holy f*ck, haha, they had all this exchange on their corporate e-mails? How nice of them, they are part of the history right now. This piece is pure gold:

When I think that I had some input into the creation of this product (which by the way is a product of pure intellectual masturbation, the type of thing which you invent telling yourself: "Well, what if we created a "thing", which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?") it sickens the heart to see it shot down in mid-flight... it's a little like Frankenstein turning against his own inventor ;)

That's presumably Goldman doing its part of God's work. Goldman, Goldman Hallelujah!

Sun, 04/25/2010 - 06:50 | 316814 chealy3
chealy3's picture

amazing that you can speak but nobody listens

Sun, 04/25/2010 - 08:35 | 316820 Mercury
Mercury's picture

-After Frank Quattrone, Henry Blodget and any number of subsequent smoking-email prosecutions one would think that pretty much any professional anywhere would use a bit more discretion when typing potentially ass-biting information into emails.  This is interesting.

-Even given that bringing down the evil Goldman Sachs is the most important quest of our time ZeroHedge authors (or at least those that place a high value on their anonymity) might want to think twice before digging up or trying to dig up every last tawdry personal and "moderately relevant" detail on their subjects. I realize ZH are the good guys and they are the bad guys but that alone won't keep all non-relevant ZH information where ZH wants it to stay.

Sun, 04/25/2010 - 11:03 | 316904 M.B. Drapier
M.B. Drapier's picture

For what nothing it's worth, I don't like the "moderately relevant" stuff either. The phone-number punking, for one thing, was clearly unjustifiable. Particularly since Tourre is by no means the largest or the most putrid apple in the barrel. That said, I have the impression this was likely not the first low blow thrown in the scrap, don't you?

Sun, 04/25/2010 - 11:04 | 316909 Cursive
Cursive's picture


We're not dealing with adults.  Read the e-mails.  These are children who only think about instant self-gratification and don't ponder the consequences of their actions.  This guy is too young and naive to even know who these people are.  As for posting numbers and crap, this is total war.

Sun, 04/25/2010 - 14:13 | 317082 Alienated Serf
Alienated Serf's picture

merc, my job is reading these emails, IM's and recorded trading tapes. you would honest to god not believe the stupidity.

one example- everytime an IM opens, a disclaimer pops up saying that it will be saved for regulation and litigation.  some douche trader was running a steroids supermarket of his work IM!!!! idiot!!!  his fights with his gf were classic.

point is, people never think they will get caught.  it makes me laugh. 


Sun, 04/25/2010 - 15:41 | 317152 sgt_doom
sgt_doom's picture

...douche....yup, that explains it....

Sun, 04/25/2010 - 16:36 | 317182 nonclaim
nonclaim's picture

Well, nice to "meet" you Alienated Serf... If you ever read my IM's you'd sure have fun as we (my contacts) would often leave notes or explanations to cheer up and engage the third person reading it.

Sun, 04/25/2010 - 21:42 | 317444 Alienated Serf
Alienated Serf's picture

the pleasure is mine. i assume you are intelligent enough not to sell drugs over work IM or joke about financial crimes.

Sun, 04/25/2010 - 07:56 | 316824 chealy3
chealy3's picture

are what you eat?

Sun, 04/25/2010 - 08:05 | 316826 Troy Ounce
Troy Ounce's picture

Someone must have heard Tourette shouting?

Sun, 04/25/2010 - 08:10 | 316828 chealy3
chealy3's picture

silence is golden

Sun, 04/25/2010 - 08:13 | 316829 chealy3
chealy3's picture

my real question is what will you do to make it change?

Sun, 04/25/2010 - 10:39 | 316895 MsCreant
MsCreant's picture

Now you have said something.

Sun, 04/25/2010 - 11:05 | 316912 Cursive
Cursive's picture

This is my best answer for now.  Join the Swarm.

Sun, 04/25/2010 - 20:42 | 317360 chealy3
chealy3's picture

for now?

Sun, 04/25/2010 - 08:17 | 316830 doggis
doggis's picture

yeesh, what a  two faced horny toad! conclusion - if you cheat on one 'CDO' level, you will cheat on all levels. i hope fab learns humility and honesty from this experience, maybe then he can have a mongomous relationship with himself.

Sun, 04/25/2010 - 08:22 | 316832 chealy3
chealy3's picture


Sun, 04/25/2010 - 08:35 | 316838 Ruth
Ruth's picture

Will he be Too Little To Fakeit in testimony????

Sun, 04/25/2010 - 13:50 | 317060 Miles Kendig
Miles Kendig's picture

Ruthie, I suspect that will depend on his partners at that particular bar...

Sun, 04/25/2010 - 08:44 | 316839 chealy3
chealy3's picture

big things in small packages

Sun, 04/25/2010 - 08:58 | 316842 anynonmous
anynonmous's picture

 the linkedin google cache of Fatiha-Boukhtouche



Sun, 04/25/2010 - 10:49 | 316902 MsCreant
MsCreant's picture

This won't be popular but I think you need to leave Boukhtouche alone. If you do any research on her at all, you will see that she is guilty, at most, of being attracted to a douche. This is going to be a pain in the ass for everyone she works with, she will be humiliated, she is going to have this story attached to her for years. 

If you believe her to be guilty of anything at all, she is already getting hers. Bad.

Sun, 04/25/2010 - 11:33 | 316934 anynonmous
anynonmous's picture

A couple of things:

1. Tyler brought Ms Boukhtouche's name into play (actually whomever published the emails) and the link to her linkedin page. 

2. Facebook, Linkedin and Google (all paragons of privacy) capture amazing amounts of personal data that once in cyberspace will never disappear. A caution to any and all who take advantage of these "services", especially if your last name is something other than Smith or Wong.


You will also note that no editorial comment was provided though I think the linkedin page speaks for itself.




Sun, 04/25/2010 - 11:51 | 316955 MsCreant
MsCreant's picture

Agreed. I left the message for all, not just you, should have said it more clearly.

Sun, 04/25/2010 - 13:53 | 317061 Miles Kendig
Miles Kendig's picture

The power of guilt by association runs deep indeed MsCreant and many folks will opt to try and point the finger of blame at any other available if for no other reason then to help make themselves feel better about their own histories and circumstances.

Sun, 04/25/2010 - 14:53 | 317112 MsCreant
MsCreant's picture

Hi Miles,

It is, in fact, my history and circumstance that makes me want to defend her, though not very ardently, and just for the moment. Sometimes the shock of seeing how the world reacts to the guys you picked is a wake up call that you can grow from. Been there, lived that. Used to hear it a lot that I dated men that weren't good enough for me. History and circumstance made these things my issue to work on. Same for this young woman. And honestly, she just looks like a kid grad student to me (post doc-ing is standard these days [I didn't]) but the bottom line is she is looking for work, that job is maybe a 1-3 year appointment. This sucks BAAAAD for her. If no one wants to touch her for a few years (the scandal is too distracting), her best hope may be to work at a junior college, if she can get it.

Putting her name out there, when we are not sure what she is guilty of, well, you know how I feel already.

Miles, I am only a couple of years behind you in age (1964).

Sun, 04/25/2010 - 15:31 | 317146 Miles Kendig
Miles Kendig's picture

I am 100% with you pal...  Reminds me of the classic I posted earlier and this classic introspective wake up I put up within this past week. BTW, feel free to wrtie me at Reggie's page any time.  See ya at MnM.  peace pal.

Mon, 04/26/2010 - 19:53 | 317362 chealy3
chealy3's picture


Sun, 04/25/2010 - 08:57 | 316844 anynonmous
anynonmous's picture

the google cache of the  facebook page  of someone named Fatiha-Boukhtouche (that has also been taken down )

Sun, 04/25/2010 - 08:58 | 316847 chealy3
Sun, 04/25/2010 - 09:06 | 316850 waterdog
waterdog's picture

The young and the restless with a vibrator.

Sun, 04/25/2010 - 09:21 | 316851 George Costanza
George Costanza's picture

Goldman is full of Fab Tourres.... they screen and recruit them. Know Fab, and you know Goldman.   It's so obvious he is not a one off.

Sun, 04/25/2010 - 11:09 | 316917 Cursive
Cursive's picture

+1  This is God's work?

Sun, 04/25/2010 - 20:53 | 317378 chealy3
chealy3's picture

always has been

Sun, 04/25/2010 - 09:26 | 316853 Ned Zeppelin
Ned Zeppelin's picture

My impression is that he was fully cognizant of the potential repercussions of his Frankensteinian creations, that he was engaged in such activities at the request of his masters, and that there was some tinge of regret at doing what he was doing.  

Sun, 04/25/2010 - 19:16 | 317291 snowball777
snowball777's picture

I disagree...he knew what he was putting in the sausage casing and the 'tinge' you note was merely sarcasm.


Sun, 04/25/2010 - 09:32 | 316854 chealy3
chealy3's picture

fall guy

Sun, 04/25/2010 - 09:35 | 316855 Brokenarrow
Brokenarrow's picture

Erin does get it---her job is to do one thing, and her income and sucess depend on it:pander--no whore for Wall St. Her sucess and future employment depend on it. Without qualification, she knows what she is doing. And, she doesnt care a rats ass who or what she takes down doing it. She is thrilled to burn some old lady on a fixed income down to living on the street.

The only lower human fecal matter is Maria Bartaromo who has killed more people that Hitler, Bin Laden, and Stalin combined. She has taken more security, college educations, vacations, hopes and dreams than anyone in the industry.

The entire cnbc entourage are scum of the worst kind.

Sun, 04/25/2010 - 10:07 | 316873 chindit13
chindit13's picture

Please Brokenarrow, let's be fair here.  Bartiromo has not killed more people than Hitler, bin Laden, and Stalin combined.  Of course in a beauty contest amongst those men she'd come in fourth (bin Laden takes third on points because of his height), her butt is wider than a Tora Bora mountain pass, and her contribution to the betterment of the human species would put her in a Florida-style tight race with any of the three you mentioned and require a Supreme Court solution, but killed more?  Not yet, though I admit I've called a preacher to administer last rites after one of her shows.  As for fecal matter and how low it is, there are whales off the Marianas Trench who can go deeper.  Please, in the interest of decorum, play fair. Truth and honesty are all we have left.

Sun, 04/25/2010 - 16:56 | 317190 drwells
drwells's picture

I love this place.

Sun, 04/25/2010 - 15:42 | 317153 sgt_doom
sgt_doom's picture

Yup, that and her vibrator panties....

Sun, 04/25/2010 - 09:38 | 316858 ZackAttack
ZackAttack's picture

This is way, way worse than an Enron moment.


These guys are going to have to go private again.


Sun, 04/25/2010 - 13:36 | 317052 THE DORK OF CORK
THE DORK OF CORK's picture

Goldman is only successful because it is in a monopoly postion - if it downsizes and goes private again its customers will have options to go elsewhere.

Goldman is going down, it just needs one more push.

Sun, 04/25/2010 - 09:41 | 316860 chealy3
chealy3's picture

these guys will do as necessary, always have and always will, question is who will stop the ball from rolling.... you can vent, but how will you stop it?

Sun, 04/25/2010 - 09:42 | 316862 Augustus
Augustus's picture

The other side of the story is that the customers for the Abacus type deals were looking for exactly that kind of CDO.  They needed extra yield to play their carry trade game and book profits on the spreads.  the customers of Goldman knew what they were getting and paid extra to get it.

Goldman's Dirty Customers

What Goldman's Customers Knew

Sun, 04/25/2010 - 09:55 | 316868 Mercury
Mercury's picture

I'm afraid ascribing blame to any party other than GS on these pages, however well supported your argument, will be countered mostly with blind outrage and emotional bile.

Sun, 04/25/2010 - 10:02 | 316875 ZackAttack
ZackAttack's picture

GS has to go away now, just as Enron did.  

Sun, 04/25/2010 - 16:59 | 317192 drwells
drwells's picture

Like I've argued elsewhere, you have two classes of people here, as you did with the credit bubble generally:

1. People who thought they could game the system.

2. People who knew they could game the system.

F' em all.

Sun, 04/25/2010 - 09:48 | 316864 SteveNYC
SteveNYC's picture

Aaaaahhhhh, the extent of a soulless, meaningless, Goldman-esque relationship: completely electronic. Doesn't look like Fab could get laid for real even if he parted with his ill gotten gains in Seacaucus at 2am on a Sunday.

Let them live their pathetic lives, let them work 20hrs a day on devising scams and schemes as to how to rip off the people, pension funds, foreign governments etc. Karma will be a right bitch.

Sun, 04/25/2010 - 09:54 | 316867 Itsalie
Itsalie's picture

First Jerome Kerviel (anyone here still remember this frenchie who nearly brought down SocGen? and triggered the seriously rapid descent of markets), now Fab (and Marine and Fatiha). Uncle sugar need not look to Iran or Iraq for WMD, these are produced en masse in france. America has some catching up to do. BTW, looking at fatiha's photo on business insider, I doubt fab would enjoy his mental masturbation. Anyone has photo of marine serres? If they are anything like nomura's young salesgirls .... 


Sun, 04/25/2010 - 10:02 | 316874 tip e. canoe
tip e. canoe's picture

"Anyway, not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient and ultimately provide the US consumer will more efficient ways to leverage and finance himself, so there is a humble, noble and ethical reason for my job ;)"

providing the US consumer with more efficient ways to leverage themselves is an ethical & noble reason???

Sun, 04/25/2010 - 10:03 | 316876 ZackAttack
ZackAttack's picture

He's being snarky. Note the next sentence about using this as a rationalization.

Sun, 04/25/2010 - 10:13 | 316881 tip e. canoe
tip e. canoe's picture

i realize that Zack.  the point is what is exactly being used as a rationalization.  the argument being is that as long as we find more efficient ways for consumers to gorge themselves with debt, everything's ok.

i'm really beginning to understand the 'rationalization' behind blankenfein's 'god's work' remark.  sgt. doom linked this yesterday:

from the notes -- "It takes protracted hardship to convince people that the world to which they have been accustomed has changed irrevocably. Hardship that is minor or episodic merely allows leaders to exploit popular discontent for personal gain. "

Sun, 04/25/2010 - 10:20 | 316879 Augustus
Augustus's picture

A little more color on the intent and strategy of the customer for the Abacus deal.  This from The Atlantic with several interesting links:

It appears to be the case of the whore  (IKB) who collected the promised fee but claimed rape when her husband learned of her having a STD as he also became infected. 

In case anyone is interested in the Why's or Wherefore's of how the SEC is deciding what to publicize, this article from The Atlantic may be of interest:

Goldman Sachs: The Defense Case Starts to Firm Up

In one part of Pellegrini's testimony, a government official asked him: "Did you tell (Schwartz) that you were interested in taking a short position in Abacus?"

"Yes, that was the purpose of the meeting," Pellegrini responded.

"How did you explain that to her?" the government official said.

"That we wanted to buy protection on traunches of a synthetic RMBS portfolio." Pellegrini said.

Sun, 04/25/2010 - 10:15 | 316882 George Costanza
George Costanza's picture

Fab Tourre and most other wall street associates are whores. Too much of our talent goes into wall street, creating nothing.  Previously, Grantham has pointed out that Finance used to be 3% of GDP, now it is 7% - yet we got nothing of benefit from the 4% drain.   If we want to compete in the global economy, we need talent to go into other industries.   Bankers earn too much money, that needs to be dealt with are the whores like Tourre will continue to waste their potential in firms like GS.

Sun, 04/25/2010 - 10:23 | 316886 Augustus
Augustus's picture

If you want to bemoan GDP allocations, consider professional sports, Hollywood, Nascar, and Climate Change summits.

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