Submitted by Mike Krieger of Liberty Blitzkrieg blog [6],
Just in case you thought for a second that the sorry discipline we call economics couldn’t stoop any further into the gutter of academic idiocy and irrelevance, think again. It’s now being reported that ex-Goldman Sachs trader Fabrice “Fabulous Fab” Tourre (recently convicted on six counts of securities fraud) will be teaching an honors economics class at the “prestigious” University of Chicago.
There’s nothing like an esteemed University setting the already culturally accepted example that ethics are for suckers. Stealing, cheating and corruption are the values most exalted in today’s world. It doesn’t matter how you achieve your wealth, as long as you attain it. After all, it’s not as if you’ll ever get in trouble for it as long as you work for a “Too Big to Jail” [7] bank.
From the UK’s Independent:
Fabrice Tourre, the former Goldman Sachs trader convicted on six counts of securities fraud six months ago, will teach an honours class in economics at the University of Chicago this spring.
Mr Tourre’s weekly Thursday afternoon seminar, called “Elements of Economic Analysis”, is part of his studies for a PhD in economics, after he completed a masters in operations research at Stanford University.
Last August, a federal court found “Fabulous Fab”, as he famously styled himself in emails to his girlfriend, liable for six of seven counts of securities fraud relating to the Abacus 2007-AC1 mortgage-linked collateralised debt obligation.
At the time, The New Yorker magazine wrote that Mr Tourre was the “only Wall Street banker to be found guilty of any charges having to do with the financial crisis” of 2008.
Don’t worry Fab, modern economics essentially bases its principles on your behavior. A match made in crony heaven.
Full article here [8].