Dick of the year: Fabrice Tourre
This is a nomination for the Bright Green #dick2010 award, from Murray Worthy
Fabrice Tourre, Goldman Sachs – dick of the decade
Fabrice Tourre (self nicknamed “The Fabulous Fab”) is not only the dick of 2010 he is the dick of the decade. For those of you unfamiliar with the ‘Fabulous’ Fab he is an Executive Director of Goldman Sachs’ London office and, it emerged this year, a man largely responsible for intentionally causing the credit crash, and all the horrors that have followed it from it.
Best summed up in his own words from 2007: “The whole building is about to collapse anytime now … only potential survivor the fabulous Fab … standing in the middle of all these complex, highly leveraged, exotic trades he created.”
Working with a US hedge fund he packaged up mortgages and debt that would fail and sold it on to anyone that would buy it, while going massively short on the same debt. They planned for the debt packages to fail, bringing down the international banking system and getting rich off the whole thing. This was the same US hedge fund that made around $4bn in shorting UK bank stocks predicting their collapse, based on them having bought the debt that the ‘fabolous’ Fab packaged up for them. He knew what would happen and even bragged about it.
Let’s not forget who’s to blame for the crash, recession, debt, cuts and ensuing poverty. Investment bankers like the fabulous Fab – the dick of the decade.