Goldman's staff e-mails key to SEC probe in bank
AS the United States housing turned downward in January 2007, a Goldman Sachs trader wrote in e-mails to a woman that investments he had sold were "like Frankenstein turning against his own inventor."
"I'm trading a product which a month ago was worth US$100 and today is only worth US$93," wrote Fabrice Tourre, who was charged along with the bank in a civil complaint filed by the Securities and Exchange Commission. "That doesn't seem like a lot but when you take into account ... (the investments) are worth billions, well it adds up to a lot of money."
Tourre was talking about investment products like the one at the heart of a federal complaint against his firm. For Tourre, the investments were like an invention gone awry: He had started arranging them when the market was on the upswing. But he continued selling them after the market turned - now with Goldman betting against them, in one case allegedly misleading investors about a deal's origin.
Goldman Sachs Group Inc released that e-mail and 25 other internal folders on Saturday in response to a Senate panel's release of messages in which Goldman executives boast about money they were making as the market imploded later in 2007.
"I'm trading a product which a month ago was worth US$100 and today is only worth US$93," wrote Fabrice Tourre, who was charged along with the bank in a civil complaint filed by the Securities and Exchange Commission. "That doesn't seem like a lot but when you take into account ... (the investments) are worth billions, well it adds up to a lot of money."
Tourre was talking about investment products like the one at the heart of a federal complaint against his firm. For Tourre, the investments were like an invention gone awry: He had started arranging them when the market was on the upswing. But he continued selling them after the market turned - now with Goldman betting against them, in one case allegedly misleading investors about a deal's origin.
Goldman Sachs Group Inc released that e-mail and 25 other internal folders on Saturday in response to a Senate panel's release of messages in which Goldman executives boast about money they were making as the market imploded later in 2007.
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