Convicted French banker 'Fabulous Fab' teaching economics in US

Convicted French banker 'Fabulous Fab' teaching economics in US

France 24
Convicted French banker Fabulous Fab teaching economics in US

Former Goldman Sachs bond trader Fabrice Tourre leaves the Manhattan Federal Court in New York in this August 1, 2013 file photo. REUTERS Photo

Students who have enrolled in “Elements of Economics Analysis” at the University of Chicago this term might benefit from the unique practical experience of their teacher, Fabrice Tourre.

Tourre, a 34-year-old Frenchman, is working as a teaching assistant while studying for a doctorate in the prestigious economics department that for many years boasted Milton Friedman among its members.

Friedman was famous for winning the Nobel Prize while Tourre is notorious as the only banker so far convicted of charges arising from the 2008 Wall Street crisis.

Tourre worked for Goldman Sachs where he helped construct a scheme with which the bank could make money by packaging mortgages for sale even though it believed, rightly, that the market was about to collapse.

After the crisis, Goldman Sachs struck a deal with the US authorities and paid 550 million dollars. Tourre was tried.

Last August he was found liable on six of seven counts of securities fraud. He is appealing the size of his fine. He wants to pay 65,000 dollars, the authorities want a sum that could total more than 1 million dollars.

Meanwhile, Tourre, who used to sign e-mails “Fabulous Fab,” has gone back to school.

He already has a degree in maths from the École Centrale in Paris and a Master’s in operations research from Stanford University. Now he teaches his class on Thursday afternoons and runs a discussion section on Monday evenings.

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