Goldman Sachs e-mails
Friday, April 23, 2010; 9:00 PM
E-mail exchanges cited by the Securities and Exchange Commission in its fraud suit against Goldman Sachs and one of its vice presidents, Fabrice Tourre, include messages between Tourre and his girlfriend. The Washington Post obtained copies of some of the e-mails Friday.
In one Jan. 27, 2007, e-mail, Tourre suggests he knew he was creating risky securities that were likely to not succeed. "Not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient . . . amazing how good I am in convincing myself!!!"
In March 7, 2007, e-mail, Tourre refers to Dan Sparks, head of Goldman's mortgage business: The "US subprime business situation is that it is not too brilliant. . . . According to Sparks, that business is totally dead, and the poor little subprime borrowers will not last so long!"
Just over a month later, Tourre sold an investment to clients who wanted to bet the housing market would continue to rise.
In a subsequent e-mail, Tourre wrote that he sold the investment "to widows and orphans that I ran into at the airport."
-- Zachary A. Goldfarb