Sunday, 25 September 2016
Last updated 2 days ago
Feb 26 2014 | 10:48am ET
Former Goldman Sachs executive Fabrice Tourre has a new job.
Tourre, who was found liable for misleading investors in a Paulson & Co.-linked collateralized debt obligation, began studying for a Ph.D. in economics at the University of Chicago after leaving Goldman. Now, as part of that program, he'll be teaching an honors class in the spring quarter, which begins at the end of March.
According to Chicago's student newspaper, the Chicago Maroon, Tourre will teach the honors section of Elements of Economics Analysis 3. Tourre, who has a mathematics degree from the École Centrale in Paris and a master's degree from Stanford University, has previously served as a teaching assistant at Chicago.
Tourre's seminar will be held on Thursday afternoons, with Monday evening discussions.
The Securities and Exchange Commission, which brought the successful lawsuit against Tourre, is seeking $1.1 million in fines and restitution from him, figures that his lawyers have called "unreasonably severe." Tourre was found liable for fraud by a jury last year; he had refused to settle allegations that he deliberately misled investors and the insurers of the CDO about Paulson's role in selecting the securities that went into the deal, and about the hedge fund's plan to short it.
Goldman paid $550 million to settle the matter with the SEC, and Paulson was never accused of any wrongdoing.