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Fabrice Tourre Goldman Sachs Trial: The SEC Nails a Minnow While the Whales Go Free

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TOURRE
** RETRANSMISSION FOR IMPROVED TONE QUALITY ** Fabrice Tourre, executive director, Goldman Sachs Structured Products Group Trading, prepares to testify on Capitol Hill in Washington, Tuesday, April 27, 2010, before the Senate Investigations subcommittee. (AP Photo/Charles Dharapak) | AP

Last week, a jury in New York City convicted former Goldman Sachs trader Fabrice Tourre on six civil counts of securities fraud, for selling a toxic mortgage-backed bond to investors without disclosing that an architect of the deal, hedge fund Paulson & Co., also bet on its failure. This victory for the Securities and Exchange Commission signifies a long-awaited measure of justice for the unbridled greed and dirty dealing that sparked the financial crisis, but an exceedingly small one.

Read the whole story at The New Republic