Monday, July 15, 2013


Today in Manhattan Federal Court, the trial of former Goldman Sachs trader Fabrice Tourre opened to a packed courtroom. The trial is a civil trial,  the SEC v Tourre and is expected to last 3 weeks.
Judge Kathleen Forrest presided over jury selection, opening statements and the first witness, Dr Dwight Jaffee.  He tried to explain the complex financial instruments that are all part of this trial, CDOs etc. to the jury who had no background in the investment banking world.
Tourre is a slight little fellow with a distinctive profile. He is expected to take the stand; the SEC will  call him. John Paulson who made a billion dollars off the deal in question will also take the stand, but for the defense.
Below is an opening shot, Tourre and the SEC's opening slide, one of six illustrations drawn yesterday.
Also on this case, as in many high profile cases, we were not allowed to draw the jurors' faces. 9 jurors were chosen because it was a civil case. The jury is made up of a wide variety of people, including a woman who is an Episcopal priest.
Fabrice Tourre seated at the defense table with his legal team by Elizabeth Williams
Story by Wall Street Journal reporter Chad Bray
WSJ Chad Bray story link

Jury selection at the Tourre trial, jurors seated in the courtroom,
standing room only for the press and spectators
Tourre Jury story by Bob Vanvoris, of Bloomberg
Bloomberg Bob Vanvoris story link

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