The Big Bank Fury - Fabrice Tourre & Financial Misconduct

  • Aired:  08/08/13
  •  | Views: 28,249

Goldman Sachs trader "Fabulous Fab" faces a potential ban from the securities industry, and New York's attorney general warns that banks are behaving badly once again. (3:39)

DOG LIKES HIM.

BESIDES, I'VE JUST GIVEN UP.

THE SETTLEMENT TERMS FOR

THESE BANKERS ARE PRETTY

ATTRACTIVE.

IT'S FRANKLY NO WONDER THAT

NO ONE WANTS TO HAVE THEIR

DAY IN COURT.

WELL, ALMOST NO ONE.

>> A JURY HAS DECIDED THAT A

FORMER WALL STREET TRADER

SHOULD PAY FOR HIS ROLE IN

THE TOXIC MORTGAGE CRISIS

THAT WAS AS MUCH A BIG PART

OF THE FINANCIAL MELTDOWN.

HE IS FABRICE, A 34 YEAR OLD

FRENCH BORN FORMER GOLDMAN

SACHS TRADER.

>> HE CALLS HIMSELF FABULOUS

FAB.

>> WHAT?

>> FABULOUS FAB, LIKE ARE

YOU IN CIRQUE DU SOLEIL.

AND I DO HOPE YOU CHECKED

THE DRAG QUEEN REGISTRATION

WEB SITE TO SEE IF THAT NAME

WAS EVEN AVAILABLE AT THE

MOMENT.

AND FRANKLY, I DID NOT KNOW

THAT YOU WERE EVEN ALLOWED

TO PICK YOUR OWN NICK NAME.

NO ONE TOLD ME THAT WAS AN

OPTION.

SO WITH THAT IN MIND FROM

NOW ON YOU MAY ADDRESS ME AS

JUG MASTER JOHNNY FRESH.

YES.

(CHEERS AND APPLAUSE)

>> OKAY ACTUALLY, YOU KNOW

WHAT, THAT'S A BIT OF A

MOUTHFUL.

LET'S GO WITH JUICY JOHNNIE,

NO, I TAKE THAT BACK, THAT'S

TOO SEXY.

I'VE GOT IT CARLOS DANGER.

(CHEERS AND APPLAUSE)

>> DANGER.

>> NO, THAT NAME IS

AVAILABLE, HE'S PROMISED

HE'S NOT USING IT ANY MORE.

STILL, I GUESS AT LEAST WE

HAVE ONE GUY, AND HE'S A

VICE PRESIDENT, SO EVEN IF

HE DIDN'T TAKE DOWN THE

COMPANY WE GOT THE NUMBER

TWO.

WHAT?

GOLDMAN SACHS VICE PRESIDENT,

BY THE WAY THEY'VE GOT ABOUT

12,000 OF THEM OVER THERE --

>> HOLY [BLEEP], 12,000 VICE

PRESIDENTS?

ALL PRESUMABLY WITH

DIFFERENT RIDICULOUS NICK

NAMES.

APPARENTLY YOU CAN'T WALK

INTO GOLDMAN AND THROW A PEN

WITHOUT HITTING A VICE

PRESIDENT.

BECAUSE EVEN IF YOU HIT THE

JANITOR YOU WILL BE HITTING

THE VICE PRESIDENT IN CHARGE

OF URINAL CAKE OR AS HE

INSISTS ON BEING CALLED

SCRUBTASTIC STEVE.

BUT AT LEAST FABULOUS

FABRICE IS GOING TO JAIL,

RIGHT?

>> A JURY FOUND FORMER

GOLDMAN TRADER FABRICE

LIABLE ON SIX AND SEVEN.

CIVIL COUNTS FOR FRAUD THE

AND A POTENTIAL IS LIFE BAN

FROM THE SECURITIES

INDUSTRY.

>> A LIFETIME BAN FROM THE

SECURITIES INDUSTRY,

SHOULDN'T HE AT LEAST HAVE

TO STAY A THOUSAND FEET AWAY

FROM WALL STREET?

AND INTRODUCE HIMSELF

DOOR-TO-DOOR WHENEVER HE

MOVES TO ANY TOWN THAT HAS A

BANK?

JUST-- HELLO, MY NAME IS

FABRICE AND I'M A REGISTERED

DERIVATIVES OFFENDER.

(APPLAUSE)

>> LOOK, I GUESS IF IT'S

JUST THE BEST WE CAN HOPE

FOR, FINES THAT ARE

ESSENTIALLY ROLL MOOD THE

BANK'S COST OF DOING

BUSINESS ALONG WITH THEIR

BUDGET FOR TONNER CARTRIDGES

OR COCAINE.

(LAUGHTER)

BUT AT LEAST NOW THEY KNOW

THAT, YOU KNOW, WE ARE

WATCHING THEM AND IT WILL BE

AWHILE BEFORE THEY DARE TO

BEHAVE SO BADLY AGAIN.

>> BANKS ARE BEHAVING BADLY

AGAIN.

THAT'S ACCORDING TO A LETTER

FROM THE NEW YORK STATE

ATTORNEY GENERAL.

LAST YEAR FIVE BANKS AGREED

TO PAY OUT $25 BILLION AS

PART OF A SETTLEMENT

DESIGNED TO PUT A STOP TO

MORTGAGE AND FORECLOSURE

ABUSE.

SCHNEIDERMAN SAYS SOME OF

THE BANKS ARE QUOTE ENGAGING

IN MUCH OF THE SAME

MISCONDUCT THAT PRECIPITATED

THE NATIONAL MORTGAGE

SETTLEMENTS.

>> AND WE'RE BACK TO WHERE

WE STARTED.

YOU KNOW WHAT THE PERFECT

ANALOGY FOR THIS IS?

OUR FINANCIAL REGULATORY

SYSTEM IS LIKE 50 SHADES OF

GREY.

YOU CAN'T HURT THEM BECAUSE

THEY LIKE IT.

AND WE JUST KEEP GETTING

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