Sign in to comment!

Menu
Home

Economy

Former Goldman Sachs trader testifies at NYC civil trial he wasn't trying to mislead investors

A former Goldman Sachs trader has told a New York jury in a civil case stemming from the mortgage market meltdown that he didn't try to mislead anyone in a transaction that cost investors more than $1 billion.

Fabrice Tourre (FAB'-rees TOOR) testified Wednesday in federal court in Manhattan.

The Securities and Exchange Commission accused Tourre in a 2010 lawsuit of selling subprime mortgage securities that he knew were doomed to fail.

His lawyer has told jurors that Tourre never misled investors.

Goldman Sachs made millions of dollars in fees in the transactions.

Tourre, born in France, worked at Goldman Sachs after coming to the United States in 2000 to study.

In July 2010, Goldman Sachs settled civil charges, agreeing to pay $550 million. It still faces private litigation.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.95% dw 3.98%  
15 Y Fixed Graph 3.08% up 3.04%  
30 Y Fixed Jumbo Graph 4.28% up 4.22%  
5/1 ARM Graph 3.43% up 3.30%  
5/1 Jumbo ARM Graph 3.17% up 3.13%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.33% up 4.32%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% -- 5.05%  
$50K Loan Graph 4.48% -- 4.48%  
$75K Loan Graph 4.50% -- 4.50%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.96% up 2.94%  
36 M Used Graph 3.50% up 3.48%  
48 M New Graph 3.24% up 3.22%  
48 M Used Graph 3.03% dw 3.04%  
60 M New Graph 3.25% up 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% -- 0.39%  
1 yr Graph 0.72% -- 0.71%  
5 yr Graph 1.52% up 1.50%