Goldman’s Fabrice ‘Fab’ Tourre to S.E.C.: I’m French

987942852 0 Goldmans Fabrice Fab Tourre to S.E.C.: Im FrenchIn response to the S.E.C.’s 74 paragraphs of charges against him, the poetic and iconic Goldman Sachs vice president Fabrice Tourre was defiant. He did nothing wrong, he said in a newly-released filing, because, among other things, he’s a citizen of France.

Mr. Tourre, who has been left to fend for himself now that his firm, from which he is on paid leave, has settled separately with the S.E.C., seems to be relying on the old ideal of reasonable doubt. The S.E.C., he says, hasn’t proved that he concealed information while working on Abacus 2007-AC1, Goldman’s allegedly rigged mortgage deal.

His reply matches the S.E.C.’s complaint, paragraph for paragraph. He “denies allegations of,” “denies knowledge or information sufficient to form a belief as to,” “denies knowledge or information sufficient to form a belief as to the allegations of,” “denies the allegations of paragraph 24, including that the allegations completely and accurately reflect the contents of the partially-quoted document” and “denies the allegations of paragraph 25, except denies knowledge or information sufficient to form a belief as to the allegations of the first or second sentences of paragraph 25.”

But! Mr. Tourre occasionally “admits the allegations.” He admits, for example, that he helped prepare a “flip book” about Abacus. He also admits, “on information and belief,” that Paulson and ACA (a hedge fund and an a investor, respectively) held a “meeting in Jackson Hole, Wyoming at which no Goldman Sachs representatives were present.”

The document ends with nine defenses. The eighth is that he’s “a French citizen” who “reasonably relied on Goldman Sachs’ institutional process,” and ergo cannot “be held liable for any alleged failings of that process.”

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