Friday, April 23, 2010

Goldman Sach's Fabulous Fab Says Let Them Eat Cake

“More and more leverage in the system, The whole building is about to collapse anytime now…Only potential survivor, the fabulous Fab…standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!”

Article 18 of the SEC fraud filing against Goldman Sachs quotes VP Fabrice Tourre in an email to a friend where he pats himself on the back as “fabulous Fab”. Apparently, obscene salary and the sycophancy of an entire Wall Street cult in America was not enough to satisfy his ego. No, “Fab” needed self sastisfaction so much he has to refer to himself as some sort of cartoon super hero? This is just disgusting and it comes from the very top of the “best and brightest” at Wall Street. It is a bold indictment as to how juvenile, artificial and scheming the finance “industry” is.

But not only does “Fab” fawn over his brilliance, he admits in the same sentence that he has no idea what he has created or how to manage it.  Later on in another memo, he exhorts a friend to hurry making deals because “the cdo biz is dead we don’t have a lot of time left.”.  Here in his own words is proof that the people running Wall Street are nothing more than salesmen who hype their product without the slightest real competency. The sales pitch is the thing, the main thing, the only thing. This is the skill we need so desperately that we must pay billions in salary to acquire the “very best”?

Goldman VP Fabulous Fab is the epitome of some carny barker who has created a sales pitch so slick and so confusing that even he can’t follow it any more. He just keeps repeating the pitch and calling in the suckers. Well that is what Wall Street was and what it remains – a glorified carny game where there can be only one winner no matter how many suckers try to play the game.

I hope that this memo has the power to engage and enrage the popular imagination like its predecessors in the past. Classic ditties like “let them eat cake” comes to mind. If this does not awaken American to the people who purposely orchestrated the American meltdown – I simply do not know what will.


SEC Fraud Filing on Goldman Sachs

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