Finance

1:07am

Fri August 9, 2013
Planet Money

Tourre Juror: 'We Saw Goldman As The Bigger Problem'

Originally published on Fri August 9, 2013 10:06 am

Fabrice Tourre, outside the courtroom. "We didn't feel any malice toward him," one of the jurors said.
Richard Drew AP

Beth Glover was a juror on the trial of former Goldman Sachs trader Fabrice Tourre. When the lawyers were discussing the mortgages tied to the securities at the center of the case, Glover realized that, for all intents and purposes, they were talking about her mortgage.

"When they were looking at the subprime mortgage groupings, I think I would have been in one of those," Glover told me. "I didn't have as great as FICO score at that time."

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2:21pm

Thu August 1, 2013
The Two-Way

Former Goldman Trader Found Liable For Billion-Dollar Fraud

Originally published on Thu August 1, 2013 2:59 pm

Former Goldman Sachs trader Fabrice Tourre walks to a federal court in Manhattan with his attorneys Thursday. A jury found Tourre liable in a massive securities fraud case.
Richard Drew AP

A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.

Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.

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1:39pm

Fri July 26, 2013
The Two-Way

Hedge Fund SAC Capital Pleads Not Guilty To Fraud Charges

Originally published on Fri July 26, 2013 3:04 pm

Preet Bharara, United States Attorney for the Southern District of New York, speaks at a news conference on Thursday about a federal indictment against SAC Capital.
Timothy Clary AFP/Getty Images

Hedge fund SAC Capital Advisors has pleaded not guilty to wire and securities fraud, a day after federal prosecutors in New York charged the firm in connection with an alleged insider trading scheme.

Peter Nussbaum, SAC's general counsel, entered the plea on behalf of the firm, one of Wall Street's biggest hedge funds.

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9:02am

Thu July 25, 2013
The Two-Way

Feds Charge SAC Capital In Insider Trading Case

Originally published on Thu July 25, 2013 9:29 am

Former SAC portfolio manager Michael Steinberg (center) exits a Manhattan federal court with his attorney after his indictment on securities fraud charges in March.
Louis Lanzano AP

Federal officials in New York City have charged SAC Capital Advisors with insider trading, the culmination of a protracted investigation into the hedge fund founded by embattled billionaire Steven Cohen.

SAC is charged with one count of wire fraud and four counts of securities fraud in connection with alleged insider trading by "numerous employees" at "various times between in or about 1999 through at least in or about 2010," according to the indictment.

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4:33pm

Fri July 19, 2013
The Two-Way

SEC Charges Hedge Fund Billionaire Steven Cohen

Originally published on Fri July 19, 2013 4:52 pm

Steven A. Cohen, founder and chairman of SAC Capital Advisors, is interviewed in Las Vegas in 2011.
Steve Marcus Reuters/Landov

The SEC on Friday filed civil charges against Steven A. Cohen, the founder of hedge fund SAC Capital Advisors, accusing the billionaire of failing to prevent insider trading.

The Securities and Exchange Commission in a statement Friday afternoon said:

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